Immunovaccine Inc.

Immunovaccine Inc.

September 16, 2010 09:10 ET

Immunovaccine Announces Closing of Its Previously Announced Equity Offering for Gross Proceeds of CAN$7,465,100

HALIFAX, NOVA SCOTIA--(Marketwire - Sept. 16, 2010) -


Immunovaccine Inc. ("Immunovaccine" or the "Company") (TSX VENTURE:IMV) is pleased to announce that it has closed its previously announced offering of 7,465,100 units ("Units") of the Company at the price of $1.00 per Unit for aggregate gross proceeds of $7,465,100 (the "Offering"). Each Unit consists of one common share of Immunovaccine (each, a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share upon payment of the exercise price of $1.30 per Warrant until 5:00 p.m. (Halifax time) on September 16, 2013.

The Offering was led by Paradigm Capital Inc., on behalf of a syndicate of agents including Dundee Securities Corporation and Beacon Securities Limited (collectively, the "Agents") with S.P. Angel Corporate Finance LLP and Bloom Burton & Co. Inc. being members of the selling group. The Corporation has paid the Agents and the member of the selling group, in consideration for their services in connection with the Offering, an aggregate cash commission of $405,006, as well as compensation options (the "Compensation Options") to acquire 405,006 Common Shares. The Compensation Options are exercisable at a price of $1.00 per Common Share until 5:00 p.m. (Toronto time) on September 14, 2012.

The Company also granted the Agents an option, exercisable in whole or in part at any time for a period of 30 days, to offer up to an additional 1,119,765 Units (equal to 15% of the number of Units sold pursuant to the Offering) at a price of $1.00 per Unit.

As discussed in the September 9, 2010 final short form prospectus of the Company, the Company proposes to use the net proceeds of the Offering to, among other things, develop vaccine product candidates for human health using its DepoVax™ vaccine platform and for general corporate purposes.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.

Immunovaccine Inc. (TSX VENTURE:IMV) is a clinical stage vaccine development company focused on the commercialization of its patented DepoVax™ vaccine delivery technology and product candidates. The company continues to strengthen its vaccine pipeline through licensing and strategic partnerships to develop therapeutic cancer and infectious disease vaccines.

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.

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