Salute e Benessere
BIOVAXYS ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT AND ANNOUNCES DEBT SETTLEMENT AGREEMENT
Each Unit consist of one (1) common share in the capital of the Company (each, a " ") and one (1) whole Share purchase warrant (each, a " "), whereby each Warrant is convertible into one additional Share at an exercise price of $0.15 until December 13, 2026 , being the date that is 24 months from the date of issue.
The Company intends to use the net proceeds of the First Tranche for working capital. No finder's fees were paid in connection with the First Tranche. All securities issued pursuant to the First Tranche are subject to a statutory hold period expiring April 14, 2025 , being the date that is four months and one day from the date of issuance in accordance with applicable securities legislation
In addition, the Company announces that it has entered into a debt settlement agreement with an arm's-length consultant of the Company to settle an aggregate of $500,000 in debt owed to the consultant by issuing 5,000,000 Shares at a deemed price of $0.10 per Share (the " "). The board of directors of the Company has determined that it is in the best interests of the Company to settle the outstanding debt through the issuance of Shares in order to preserve the Company's cash for working capital purposes.
All securities proposed to be issued pursuant to the Debt Settlement will be subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities legislation. Closing of the Debt Settlement is conditional upon a number of conditions, including receipt of all applicable corporate and regulatory approvals, including the acceptance of the Canadian Securities Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States . The securities described herein have not been, and will not be, registered under the , as amended (the " "), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom.
BioVaxys Technology Corp. ( www.biovaxys.com ), a company registered in
British Columbia, Canada , is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it's HapTenix© 'neoantigen' tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. DPX™ is a patented antigen delivery platform that can incorporate a range of bioactive molecules to produce targeted, long-lasting immune responses enabled by various formulated components. The DPX platform facilitates antigen delivery to regional lymph nodes and has been demonstrated to induce robust and durable T cell and B cell responses in pre-clinical and clinical studies for both cancer and infectious disease. BioVaxys' common shares are listed on the Canadian Securities Exchange under the stock symbol "BIOV", on the Frankfurt Bourse (FRA: 5LB), and quoted in the US on the OTC Markets. For more information, visit
www.biovaxys.com and connect with us on X and LinkedIn.
Signed " "
James Passin , Chief Executive Officer
Phone: +1 740 358 0555
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