VANCOUVER, BC, Aug. 26, 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 announced non-brokered private placement (the "Private Placement"). Pursuant to Tranche 1 of the Private Placement, the Company has issued 2,000,000 units ("Units") at a price of $0.10 per Unit for gross proceeds of $200,000. 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 $0.20 for a period of 48 months.
The aggregate Private Placement consists of the sale of up to 10,000,000 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 two weeks.
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 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.
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