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IMV raises C$5M through private placement

Canadian venture capital fund CTI Life Sciences Fund II bought 9,059,545 units of IMV Inc. at 55 Canadian cents apiece for an aggregate purchase price of about C$5 million.

The cancer drug developer recently implemented a share consolidation on the basis of 1 post-consolidation share for every 3.2 pre-consolidation shares.

Each unit sold in the placement consisted of 1 pre-consolidation share and 0.5 pre-consolidation warrant.

The company, which recently changed its name to IMV from Immunovaccine Inc., said each whole warrant can be exercised to buy an additional pre-consolidation share for 72 cents per share, until June 8.

As a result of the placement, CTI owns 9,059,545 pre-consolidation shares and 4,529,772 pre-consolidation warrants of the Halifax, Nova Scotia-based company.

In case CTI exercises all its warrants, it would own 12.21% of the company's then issued and outstanding pre-consolidation shares, on a partially diluted basis.

On a post-consolidation basis, CTI holds 3,191,685 shares and 1,415,554 warrants of IMV. The post-consolidation shares represent about 7.43% of IMV's outstanding shares and this would increase to 10.39%, assuming the exercise of all the warrants.