Vaxil completes $140,000 private placement, names new director

Vaxil Bio Ltd. (TSX VENTURE: VXL) completed a non-brokered private placement raising gross proceeds of $140,000, according to a company statement. The biotech company sold 1,244,441 units at $0.1125 per unit, with each unit comprising one common share and one warrant exercisable at $0.15 until December 2, 2030.

The securities are subject to a hold period until April 3, 2026, under Canadian securities law. Vaxil paid $11,200 in finders' fees and issued 99,555 finders' warrants with terms identical to the unit warrants.

The company stated it plans to use net proceeds to explore strategic options beyond the healthcare sector to maximize shareholder value. Vaxil was previously focused on immunotherapy for cancer markers and infectious diseases, with its lead product ImMucin receiving orphan drug status from the FDA and EMA.

Two board members, Ari Kellen and Shawn Langer, resigned from the board of directors effective immediately. The company appointed Simon Igelman as a new director. Igelman is described as a corporate transactional lawyer specializing in corporate finance, mergers and acquisitions, structured finance, and capital markets.

"On behalf of the Board of Directors of Vaxil, I would like to thank Mr. Kellen and Mr. Langer for their invaluable contributions during their tenure as directors of the Company," said Gadi Levin, chairman of Vaxil. "We are pleased to welcome Mr. Igelman to the Board and look forward to working with him as we pursue new strategic opportunities for the benefit of our shareholders."

The company is currently evaluating business opportunities that may or may not be in the biotechnology industry.

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