A month ago....here is the verbiage.
Vaxil Bio Ltd. has engaged M Partners Inc. as lead agent and sole bookrunner to sell, by way of private placement, on a commercially reasonable efforts basis, up to 35,294,118 units of the company at a price of 8.5 cents per unit to for aggregate gross proceeds of up to $3-million, subject to the company's receipt of minimum gross proceeds of $2-million or 23,529,412 units of the company. The company has also granted the agents an option exercisable for the sale of up to an additional 15 per cent of the units sold under the offering, to cover overallotments, if any. On the closing of the offering, the company has agreed to pay the agents a cash commission of up to 7 per cent of the gross proceeds of the offering and non-transferable warrants of up to 7 per cent of the aggregate number of units issued pursuant to the offering exercisable for the purchase of units at 8.5 cents per unit for a period of three years following the closing of the offering.
Math....
maximum 35,294,118 shares to raise the 3 million.
add a 15% overage ...equals 5,294,117
Total 40, 588,235 shares (double this with warrant shares at 13 cents)
Now....add 7% 2,841,176 shares for MPartner warrants
Todays numbers
VAXIL ANNOUNCES PRIVATE PLACEMENT EXTENSION
Vaxil Bio Ltd. has provided an update on its previously announced brokered private placement of up to 58,823,530 units of the company with minimum gross proceeds of $2-million, with M Partners Inc. as lead agent. The Offering remains in progress and the closing date has been extended and is expected to occur on or about July 17, 2020. Further details of the Offering are included in the Company's press release from May 26, 2020.
So for whatever reason Vaxil decides they need more cash and have increased the number of shares offered dramatically.
Obviously they were oversubscribed and decided to increase the offering.
If you multiply the new amount of shares by .085 cents....you get 5 million dollars...and 5 cents.
Vaxil already has 1.45 million in the bank.....needs another 5 million.
Strategic Innovation Fund will match your contribution.....
5 million turns to 10 million for Phase 1
force the 59 million warrants to be cashed in should the price hold above 26 cents for 10 consecutive days....59 million warrant shares times 13 cents...is
$7,680,000.....Strategic Innovation fund matches that...Vaxil has over $15 million for following rounds of clinical trials.
https://lobbycanada.gc.ca/app/secure/ocl/lrs/do/clntSmmry?clientOrgCorpNumber=366563&sMdKy=1590856256498&V_TOKEN=1590856256498
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.
https://www.ic.gc.ca/eic/site/125.nsf/eng/00001.html
Looking to load some cheap shares as some nervous nellies are looking at getting out.
Do your own DD