BIOVAXYS ANNOUNCES CONVERSION OF DEBENTURES

Executive Summary

• BioVaxys announced that holders converted $160,670 of unsecured convertible debentures (plus accrued interest) into 954,179 common shares at a conversion price of $0.17 per share.
• The conversion reduces the company’s outstanding debt by the principal amount and replaces it with equity, improving the balance sheet.
• All issued shares are subject to regulatory approvals, including acceptance by the Canadian Securities Exchange (CSE).

Key Details

• Original Debenture Issuance (Sept 15 2025): $335,670 aggregate principal amount, 10% annual interest, convertible into common shares at the CSE closing price on conversion notice date.
• Conversion Amount: Holders elected to convert the entire principal of $160,670 plus accrued/unpaid interest, totaling $162,210.67.
• Shares Issued: 954,179 common shares will be issued to satisfy the conversion.
• Conversion Price: $0.17 per share (based on CSE closing price at notice receipt).
• Regulatory Conditions: Issuance of shares is contingent upon receipt of all necessary regulatory approvals, including acceptance by the CSE.
• Impact: Debt reduction of $160,670 and conversion of that amount into equity; no cash outflow beyond issuance of shares.

Notable Quotes

• “The successful conversion of a portion of our unsecured convertible debentures reflects confidence from our investors in BioVaxys’ strategic direction and strengthens our capital structure as we continue advancing our clinical programs.” – James Passin, Chief Executive Officer.