On July 29, 2021 BioVaxys Technology Corp. (CSE: BIOV, FRA:5LB, OTCQB:BVAXF) ("BioVaxys" or the "Company") reported that it has closed the second and final tranche of its previously announced non-brokered private placement (the "Private Placement") (Press release, BioVaxys Technology, JUL 29, 2021, View Source [SID1234585396]).

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Under the final tranche (the "Final Tranche") of the Private Placement, the Company issued 5,349,455 units ("Units") at a price of $0.22 per Unit for total gross proceeds of approximately $1,176,880. Including the first tranche of the Private Placement which completed on July 14, 2021, the Company raised total aggregate gross proceeds of $2,015,555. Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one whole Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional common share at an exercise price of $0.50 for a period of thirty (30) months from the date of issuance. There were finder’s fees totalling $6,626 paid in connection with the Final Tranche.

All securities the Company issued under the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance.

The Company intends to use the net proceeds of the Private Placement to advance its research and development programs and for working capital.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States or in any other jurisdiction. The Units and securities underlying the Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons" as such term is defined in Regulation S promulgated under the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom.