BioVaxys Technology Corp. announced that it has completed the final tranche of a non-brokered private placement consisting of 16,716,666 at a price of $0.03 per Unit for total gross proceeds of $501,500. Each Unit consists of one common share and one whole Common Share purchase warrant. Each Warrant is exercisable for one additional Common Share at an exercise price of $0.05 for a period of 48 months.
All securities issued pursuant to 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 for working capital purposes. The private placement is subject to the approval of the Canadian Securities Exchange.
The Company will pay a finder’s fee of $16,976 in cash related to the final tranche of the financing.