BioVaxys Technology Corp. (CSE:BIOV, OTCQB:BVAXF) announced a non-brokered private placement of up to 6,666,667 company units, at a price of $0.15 per unit, in order to raise gross proceeds of up to about C$1 million.
The company said it intends to use the net proceeds of the offering for working capital purposes.
Each unit of the private placement will consist of one common share plus one whole common share purchase warrant, with each warrant exercisable for one additional common share at an exercise price of $0.30 for a period of 36 months.
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BioVaxys said all securities issued as part of the private placement are subject to a statutory hold period of four months and one day from the date of issuance.
The company added that it may pay cash finder's fees on all or a portion of the private placement.
Closing of the offering is subject customary conditions of closing, including the approval of the Canadian Securities Exchange, which is expected to be completed within the next week.
BioVaxys Technology is a clinical-stage biotechnology company that is developing viral and oncology vaccine platforms and immuno-diagnostics. The company is advancing a SARS-CoV-2 vaccine based on its haptenized viral protein technology and is preparing for a clinical trial of its haptenized autologous cell vaccine.
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