On November 28, 2022 BioVaxys Technology Corp. (CSE: BIOV, FRA: 5LB, OTCQB: BVAXF) ("BioVaxys" or the "Company") reported that it has closed the first tranche ("Tranche 1") of a non-brokered private placement (the "Private Placement") (Press release, BioVaxys Technology, NOV 28, 2022, View Source [SID1234624495]). Pursuant to Tranche 1 of the Private Placement, the Company has issued 940,000 units ("Units") at a price of $0.125 per Unit for total gross proceeds of $117,500. Each Unit consists of one common share (a "Common Share") and one whole Common Share purchase warrant (a "Warrant"). Each Warrant is exercisable for one additional Common Share at an exercise price of $0.20 for a period of 48 months.

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The aggregate Private Placement consists of the sale of up to 6,000,000 Units for total gross proceeds of up to $750,000. Closing of the second tranche of the Private Placement is anticipated to be completed within the next few weeks.

All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance. The Company intends to use the net proceeds of the Private Placement for working capital purposes. The private placement is subject to the approval of the Canadian Securities Exchange.

The Company paid a finder’s fee of $7,000 in cash and issued 56,000 finders warrants related to the completion of Tranche 1.