11:30 AM EDT, 03/25/2024 (MT Newswires) -- BioVaxys Technology Corp. ( BVAXF ) said Monday that it plans to raise gross proceeds of up to C$1 million via a non-brokered private placement.

The offering will comprise nearly 15.4 million units at $0.065 per unit.

Each unit consists of one common share and one whole common share purchase warrant. Each warrant is exercisable for one additional common share at an exercise price of $0.15 for 24 months.

BioVaxys ( BVAXF ) plans to use the net proceeds for general working capital purposes, including, enabling the company to fund and advance its business plans in connection with the recent acquisition of the entire portfolio of discovery, preclinical, and clinical development stage assets in oncology, infectious disease, antigen desensitization, and other immunological fields based on the DPX immune educating platform technology, developed by the former Canadian biotechnology company, IMV Inc., Immunovaccine Technologies Inc., and IMV USA on Feb. 16.

The company's stock fell 5.9% on last look on Monday.

Price: 0.08, Change: -0.01, Percent Change: -5.88