ImmunoVaccine in $8-million bought deal

Immunovaccine (OTCQX:IMMVF; TSX:IMV) has entered into a bought deal with a syndicate of underwriters led by Echelon Wealth Partners to sell 10,666,667 common shares at a price of 75 each for gross proceeds of $8-million.

The underwriters have an option to purchase up to an additional 50% of the common shares at the same price up to 48 hours prior to the time of closing, which is scheduled for Dec. 9.

In addition, Echelon has a 30-day option to purchase up to an additional 15% of the common shares at the same price after closing to cover demand.

ImmunoVaccine intends to use net proceeds for general corporate and working capital purposes.