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Immunovaccine closes C$14.4M bought deal offering

ImmunoVaccine Inc. closed its bought deal public offering of 7,187,500 common shares at C$2 apiece, raising gross proceeds of C$14.4 million.

The shares sold include the full exercise of the underwriters' option to buy additional shares in the offering.

ImmunoVaccine will use the net proceeds to continue the advancement of its pipeline and conduct a phase 1 trial in up to five indications to be identified, as well as for research and development, working capital, and for general corporate purposes.

The offering was conducted by a syndicate of underwriters led by Echelon Wealth Partners Inc. and including National Bank Financial Inc. and Bloom Burton Securities Inc.