Vaxil Bio Ltd V.VXL

Reason For The Private Placement.....

[Valuehunter72]

359 to answer your question....if you go to bottom you will see link as to why they need to come up with 50%.

Strategic Innovation Fund

This is the fund listed whe you click on David or Lesters applications links.

https://www.ic.gc.ca/eic/site/125.nsf/eng/00025.html


Thank you for the high level of interest regarding funding available under the Strategic Innovation Fund for supporting COVID-19 related vaccines and therapies clinical trials. This initiative was closed on May 11, 2020 for the current round of funding
 

How much money is available?  $600 Million over 2 years!

• $600 million, through the Strategic Innovation Fund, over two years to support COVID-19 vaccine and therapy clinical trials led by the private sector, and Canadian biomanufacturing opportunities. 

 

Link to document  

https://pm.gc.ca/en/news/news-releases/2020/04/23/prime-minister-announces-new-support-covid-19-medical-research-and

 

Application For Strategic Fund Link

https://www.ic.gc.ca/eic/site/125.nsf/eng/h_00005.html




 

More Sleuthing  The strategic Innovation Fund Will pay for up to 50% of your costs.
 

Experience shows that the government's share of funding for a given project usually varies from 10% of project costs up to 50% in exceptional cases.

SIF funding is project-based where a portion of eligible project costs are reimbursed. Potential applicants are encouraged to base the level of funding sought on the needs of their project and not automatically seek 50% funding in all cases.

Link to info here.  https://www.ic.gc.ca/eic/site/125.nsf/eng/00001.html

 

It would appear Vaxil needed to suddenly raise cash because they needed to come up with their 50% of the cash?

 

 

[threefiftynine]

makes sense to me---thx m8. hopefully silence is golden

[threefiftynine]

I do agree with blig if this is indeed the case----raising a pp at .15 for example with less dilution and the same monitory result WOULD have made sense ---but as he says , greed works in many strange ways