// NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
//
VANCOUVER, BC, Dec. 13,
2024 /PRNewswire/ -- BioVaxys Technology Corp. (CSE:
BIOV) (FRA: 5LB) ("BioVaxys" or the "Company") is
pleased to announce that it has closed the first tranche (the
"First Tranche") of its previously announced non-brokered
private placement (the "Private Placement") with the
issuance of 2,200,000 units (the "Units") of the Company at
a price of $0.05 per Unit for
aggregate gross proceeds of $110,000.
Each Unit consist of one (1) common share in the capital of the
Company (each, a "Share") and one (1) whole Share purchase
warrant (each, a "Warrant"), 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 "Debt Settlement").
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 United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), 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.
About BioVaxys Technology Corp.
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.
ON BEHALF OF THE BOARD
Signed "James Passin"
James Passin, Chief Executive
Officer
Phone: +1 740 358 0555
Cautionary Statements Regarding Forward Looking
Information
This news release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of
applicable securities legislation. All statements, other than
statements of historical fact, included herein, without limitation,
the statements relating to the Private Placement and the Debt
Settlement, including the expected use of proceeds from the Private
Placement and related issuance of the Shares for the Debt
Settlement, are forward-looking statements. Forward-looking
statements are frequently, but not always, identified by words such
as "expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible", and similar expressions, or statements
that events, conditions, or results "will", "may", "could", or
"should" occur or be achieved. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those expressed or implied in
such forward-looking statements.
These forward-looking statements reflect the beliefs,
opinions and projections on the date the statements are made and
are based upon a number of assumptions and estimates, primarily the
assumption that BioVaxys will be successful in developing and
testing vaccines, that, while considered reasonable by BioVaxys,
are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed
or implied by such forward-looking statements and the parties have
made assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation, the impact of
any changes that may affect the anticipated use of proceeds from
the Private Placement and the ability of the Company to obtain the
necessary approvals to proceed with the Debt Settlement. BioVaxys
does not assume any obligation to update the forward-looking
statements of beliefs, opinions, projections, or other factors,
should they change, except as required by applicable securities
laws.
The Canadian Securities Exchange has not reviewed, approved
nor disapproved the contents of this press release and does not
accept responsibility for the adequacy or accuracy of this
release.
Logo -
https://mma.prnewswire.com/media/2415135/5078410/BioVaxys_Technology_Corp_Logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/biovaxys-announces-closing-of-first-tranche-of-private-placement-and-announces-debt-settlement-agreement-302331768.html