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  • BioVaxys Technology (CSE:BIOV) has completed the first tranche of $1M non-brokered private placement for gross proceeds of $0.4M
  • The company issued 2.68M units at a price of $0.15 per unit
  • The company expects the second tranche to close within the next week
  • BioVaxys is an early-stage biotechnology company that is developing viral and oncology vaccine platforms, as well as immuno-diagnostics
  • BioVaxys Technology (CSE:BIOV) is up 2.9 per cent, trading at $0.18 at 2:57 PM EST

BioVaxys Technology (BIOV) has closed the first tranche of $1M non-brokered private placement for gross proceeds of $0.4M.

The biotech company issued 2.68M units at a price of $0.15 per unit during the first tranche.

Each unit in consists of one common share and one whole common share purchase warrant. For the next 36 months, each warrant is exercisable for one additional common share at an exercise price of $0.30. 

A statutory hold period of four months and one day applies to all securities issued pursuant to the first tranche.

BioVaxys expects the second tranche of the private placement to close within the next week. The company will issue a total of up to 6.67M units in the aggregate placement.

The company intends to utilize the funds raised from the private placement for working capital purposes.

BioVaxys is an early-stage biotechnology company that is developing viral and oncology vaccine platforms, as well as immuno-diagnostics. The company is advancing a SARS-CoV-2 vaccine based on its haptenized viral protein technology.

BioVaxys Technology (CSE:BIOV) is up 2.9 per cent, trading at $0.18 at 2:57 PM EST.

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