HALIFAX, NOVA SCOTIA--(Marketwired - Oct. 28, 2013) -
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Immunovaccine Inc. ("Immunovaccine" or the "Company") (TSX VENTURE:IMV) announces its intention to complete a non-brokered private placement of at least 8 million common shares of the Company (the "Common Shares"), at a price of $0.40 per Common Share for minimum gross proceeds of $3.2 million (the "Offering").
The Offering is expected to close on or about November 15, 2013, subject to the satisfaction of all necessary regulatory approvals, as well as to the satisfaction of customary closing conditions.
Net proceeds from the Offering will be used for general corporate purposes.
The Offering will be made as a private placement, exempt from prospectus and registration requirements of applicable securities laws and the common shares to be issued will be subject to a four-month hold period.
The securities described in this offering 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 accordingly, may not be offered or sold within the United States or to "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act ("U.S. Persons") except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States or to U.S. Persons, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful.
About Immunovaccine www.imvaccine.com
Immunovaccine Inc. develops cancer therapies, infectious disease vaccines and animal health products. The Company's DepoVax™ platform is a patented formulation that provides controlled and prolonged exposure of antigens plus adjuvant to the immune system. Immunovaccine has advanced two DepoVax™-based cancer vaccines through Phase I human clinical trials, with Phase II trials beginning in early 2014. The Company is also advancing a broad infectious disease pipeline including vaccines for malaria, respiratory syncytial virus (RSV) and anthrax.
This press release contains forward-looking information under applicable securities law. All information that addresses activities or developments that we expect to occur in the future is forward-looking information. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. However, they should not be regarded as a representation that any of the plans will be achieved. Actual results may differ materially from those set forth in this press release due to risks affecting the Company, including access to capital, the successful completion of clinical trials and receipt of all regulatory approvals. Immunovaccine Inc. assumes no responsibility to update forward-looking statements in this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.