BioVaxys Technology Corp. C.BIOV

RE:BIOV CLOSES 1ST TRANCHE OF PVT PLCMNT/2,680 MLNS UNITS/.15

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Humanist wrote: BIOVAXYS CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

BioVaxys Technology Corp. 
Feb 10, 2022, 02:37 ET
VANCOUVER, BC, Feb. 10, 2022 /CNW/ -- BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) ("BioVaxys" or the "Company") is pleased to announce that it has closed the first tranche ("Tranche 1") of its previously annunced non-brokered private placement (the "Private Placement"). Pursuant to Tranche 1 of the Private Placement, the Company has issued 2,680,000 units ("Units") at a price of $0.15 per Unit for gross proceeds of $402,000. Each Unit consists of one common share (a "Common Share") and one whole Common Share purchase warrant (a "Warrant"). Each Warrant is exercisable for one additional Common Share at an exercise price of $0.30 for a period of 36 months.

The aggregate Private Placement consists of the sale of up to 6,666,667 Units for total gross proceeds of up to approximately $1,000,000. Closing of the second tranche of the Private Placement is anticipated to complete within the next week.

All securities issued pursuant to Tranche 1 of the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance. The Company paid no finders fees in connection with the closing of Tranche 1. The Company intends to use the net proceeds of the Private Placement for working capital.
 

Well there's some working capital to continue doing R&D but I hope there is other good news soon.