BioVaxys Technology Corp. (CSE:BIOV, OTCQB:BVAXF) said it has closed the first tranche of its previously announced non-brokered private placement under which it issued 2,680,000 units at a price of $0.15 each for gross proceeds of $402,000.
The second tranche of the placement is expected to complete within the next week, BioVaxys said in a statement.
The company announced on February 8, 2021 that it intended to raise up to C$1 million in total through a private placement consisting of the sale of up to 6,666,667 units priced at $0.15 a piece.
The proceeds will be used for working capital.
Each unit consists 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.
READ: BioVaxys Technology set to raise up to C$1M in a non-brokered private placement
BioVaxys said all securities issued in the first tranche are subject to a statutory hold period of four months and one day from the date of issuance.
The company added that it paid no finder's fees in connection with the closing of the first tranche.
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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