Vaxil Announces Close of Previously Announced Non-Brokered Private Placement and Update on Board of Directors

Executive Summary

• Vaxil Bio Ltd. completed a non‑brokered private placement raising $140,000 from the issuance of 1,244,441 units at $0.1125 per unit.
• The financing included common shares and warrants exercisable at $0.15 until December 2 20230; finders’ fees of $11,200 were paid together with 99,555 additional finder warrants.
• Effective immediately, directors Ari Kellen and Shawn Langer resigned and Simon Igelman was appointed to the board.

Key Details

• Private Placement Structure: 1,244,441 units; each unit = 1 common share + 1 warrant (exercise price $0.15, expiry Dec 2 2030).
• Pricing & Proceeds: Unit price $0.1125 → gross proceeds $140,000.
• Hold Period: Securities subject to a four‑month‑plus‑one‑day hold period expiring April 3 2026.
• Finder Compensation: Aggregate finder fees $11,200 plus issuance of 99,555 finder warrants on the same terms as the primary warrants.
• Use of Proceeds: Expected to fund exploration of strategic options beyond the health‑care sector to maximize shareholder value.
• Board Resignations: Ari Kellen and Shawn Langer resigned effective immediately.
• New Director Appointment: Simon Igelman, corporate transactional lawyer with experience in finance, M&A, structured finance, and capital markets, appointed effective immediately.
• Chairman’s Statement: Gadi Levin thanked the departing directors and welcomed Mr. Igelman, emphasizing pursuit of new strategic opportunities.

Notable Quotes

“On behalf of the Board of Directors of Vaxil, I would like to thank Mr. Kellen and Mr. Langer for their invaluable contributions… 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.” – Gadi Levin, Chairman, Vaxil Bio Ltd.