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VANCOUVER, BC, Jan. 10, 2025 /CNW/ -- BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) ("BioVaxys" or the "Company") is pleased to announce that it has closed the third tranche (the "Third Tranche") of its previously announced non-brokered private placement (the "Private Placement") with the issuance of 10,750,000 units (the "Units") of the Company at a price of $0.05 per Unit for aggregate gross proceeds of $537,500.
Each Unit consists of one (1) common share in the capital of the Company (each, a "Share") and one (1) whole Share purchase warrant (each, a "Warrant"), whereby each Warrant is convertible into one additional Share at an exercise price of $0.15 until January 10, 2027, being the date that is 24 months from the date of issue.
The Company intends to use the net proceeds of the Third Tranche for working capital. No finder's fees were paid in connection with the Third Tranche. All securities issued pursuant to the Third Tranche are subject to a statutory hold period expiring May 11, 2025, being the date that is four months and one day from the date of issuance in accordance with applicable securities legislation.
The Company anticipates closing the fourth and final tranche of the Private Placement on or about, but no later, than January 24, 2025.
In addition, further to its news release of December 13, 2024, the Company reports that it has issued 5,000,000 unrestricted Shares at a deemed price of $0.10 per Share in settlement of an aggregate of $500,000 in debt that was owed to an arm's-length consultant of the Company (the "Debt Settlement").
This news release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States. The securities described herein 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 may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it's HapTenix© 'neoantigen' tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. DPX™ is a patented antigen delivery platform that can incorporate a range of bioactive molecules to produce targeted, long-lasting immune responses enabled by various formulated components. The DPX platform facilitates antigen delivery to regional lymph nodes and has been demonstrated to induce robust and durable T cell and B cell responses in pre-clinical and clinical studies for both cancer and infectious disease. BioVaxys' common shares are listed on the Canadian Securities Exchange under the stock symbol "BIOV", on the Frankfurt Bourse (FRA: 5LB), and quoted in the US on the OTC Markets. For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.