BioVaxys Technology Completes Successful Private Placement

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VANCOUVER, BC, Oct. 25, 2024 /CNW/ — BioVaxys Technology Corp. BIOV 5LB (“BioVaxys” or the “Company“) announces that it has successfully closed its previously announced non-brokered private placement of units (“Units“) at a price of $0.05 per Unit.

Initially announced on July 23, 2024, the Private Placement was intended to raise up to $500,000 through the issuance of up to 10,000,000 Units. This offering was upsized on July 26, 2024 to 20,000,000 Units, raising the maximum to $1,000,000, and again on September 20, 2024, to 30,000,000 Units for a total of $1,500,000. The offering closed in multiple tranches on various dates including July 29, August 2, September 11, September 23, and October 4, 2024.

Ultimately, the Company issued 24,812,340 Units, raising $1,240,617. Each Unit included one common share (each a “Share“) and one whole purchase warrant (each a “Warrant“). Each Warrant can be converted into an additional Share at an exercise price of $0.15 over 24 months from the date of issue. Finder’s fees amounted to $4,800 in cash, along with 96,000 warrants under the same terms as the Warrants.

Additionally, the Company plans to issue 1,196,908 units at a price of $0.03 (the “Proposed Units“). This is part of funds received under a previous offering announced on January 8, 2024 (the “Offering“). Each Proposed Unit will consist of one common share and one warrant convertible at $0.05 for 24 months. These terms align with those previously set on January 31, 2024, and February 16, 2024.

Due to an error during the Offering, the Company did not properly convert US funds into Canadian dollars, resulting in an insufficient number of units being issued to some subscribers. The Proposed Units will correct this discrepancy.

All securities from the Proposed Units will be subject to a four-month statutory hold period as per securities regulations. The issuance is contingent upon approval from the Canadian Securities Exchange.

The securities described here have not been registered under the United States Securities Act of 1933 and cannot be sold in the United States unless compliant with the relevant laws and exemption conditions. This release does not constitute an offer to sell or solicit any investments in the United States.

About BioVaxys Technology Corp.

BioVaxys Technology Corp. (www.biovaxys.com), based in British Columbia, Canada, is a clinical-stage biopharmaceutical company focused on developing innovative immunotherapies. Their platforms include the DPX™ immune-educating technology and the HapTenix© ‘neoantigen’ tumor cell construct for addressing cancers, infectious diseases, and other immunological conditions. DPX™ is a patented platform that allows for the delivery of various bioactive molecules to produce targeted therapies.