WalkingDead01 wrote:
Vaxil Announces Close of First Tranche of Previously Announced Non-Brokered Private Placement for Gross Proceeds of $542,858
2020-11-24 07:00 ET - News Release
Not for distribution by US newswire or in United States
NESS-ZIONA, Israel, Nov. 24, 2020 (GLOBE NEWSWIRE) -- VAXIL BIO LTD. (“Vaxil” or the “Company”) (TSX VENTURE: VXL), an innovative immunotherapy biotech company specializing in cancer and infectious diseases, announces that on November 23, 2020 we completed the first tranche of our previously announced non-brokered private placement (see press release dated November 9, 2020) for gross proceeds of $542,858 (the "First TranchePrivate Placement"). Investors in the First Tranche Private Placement subscribed for 7,238,107 units ("Units") at a price of $0.075 per Unit. Each Unit consisted of one common share in the capital of the Company ("Common Share") and one Common Share purchase warrant ("Warrant"), with each Warrant being exercisable, at any time prior to November 23, 2023, to acquire one additional Common Share (each a "Warrant Share") at an exercise price of $0.10 per Warrant Share.
In accordance with applicable Canadian securities law the securities issued pursuant to the First Tranche Private Placement are subject to a four month and one day hold period expiring March 24, 2021. In connection with the First Tranche Private Placement, Vaxil paid certain finders fees on a portion of funds raised. Aggregate fees of $30,303 and the issuance of an aggregate 406,653 finders’ warrants (“Finders’ Warrants”). The Finders’ Warrants are exercisable into an equal number of Units, at an exercise price equal to $0.10 per Unit at any time prior to November 23, 2022.
Certain officers and/or directors of the Company (the “Related Parties”) participated in the First Tranche Private Placement, which participation constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Such related party transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of securities being issued to the related parties nor the consideration being paid by the related parties exceeded 25% of the Company’s market capitalization.
Net proceeds from the First Tranche Private Placement will be used by the Company to further expand and expedite pre-clinical and manufacturing development of CorVax™, supporting on-going development of the Company’s pipeline including ImMucin™, expansion of the oncology and infectious disease vaccine and immunotherapies pipeline as well as for general corporate purposes.
Vaxil expects to close the sale of an additional tranche of Units on or about December 7, 2020.
Closing of the First Tranche Private Placement is subject to final TSX Venture Exchange approval.