ImmunoVaccine Inc. closed its bought-deal private placement offering of 10,666,667 common shares priced at 75 Canadian cents per share with gross proceeds of about C$8 million.
As part of the offering, the company granted the underwriters an overallotment option to buy, during the period ending Jan. 9, 2017, up to an additional 1.6 million shares at the issue price, for additional gross proceeds of up to C$1.2 million. Certain insiders of the company also participated in the offering and subscribed for an aggregate of 1,517,000 shares.
Net proceeds of the offering will be used for general corporate and working capital purposes.
The offering was completed through a syndicate of underwriters led by Echelon Wealth Partners Inc. and including Mackie Research Capital Corp.