Immunovaccine Inc. Revises Escrow Securities Schedule
HALIFAX, NOVA SCOTIA -- (MARKET WIRE) -- 10/22/09 -- As announced by the TSX Venture Exchange (the "TSX-V") in the Bulletin issued on October 2, 2009, and pursuant to TSX-V Policy 2.5, Immunovaccine Inc. (TSX VENTURE: IMV) has met the requirements for a Tier 1 company and therefore, effective October 5, 2009, IMV became a Tier 1 issuer. For a complete description of the October 2, 2009 TSX-V Bulletin please refer to the company's profile on www.sedar.com.
As a result of becoming a Tier 1 issuer, the release schedule under the CPC Escrow Agreement dated October 4, 2009 changes from that set out in schedule B(1) to that set out in schedule B(2). The 2,040,000 common shares held in escrow pursuant to the CPC Escrow agreement on October 5, 2009 will now be released as follows:
- 510,000 (25% of total) on October 5, 2009;
- 510,000 (25% of total) on April 5, 2010;
- 510,000 (25% of total) on October 5, 2010; and
- 510,000 (25% of total) on April 5, 2011.
Immunovaccine Inc. (IMV) is a vaccine development company focused on the commercialization of its novel vaccine candidates. IMV continues to strengthen its vaccine pipeline through licensing and strategic partnering to develop therapeutic cancer and infectious disease vaccines.
This press release contains forward-looking information under applicable securities law. All information that addresses activities or developments that we expect to occur in the future are forward-looking information. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. However, they should not be regarded as a representation that any of the plans will be achieved. Actual results may differ materially from those set forth in this press release due to risks affecting the Company, including access to capital, the successful completion of clinical trials and receipt of all regulatory approvals. Immunovaccine Inc. assumes no responsibility to update forward-looking statements in this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Immunovaccine Inc. Gary Dodge CFO (902) 492-1819 [email protected] www.imvaccine.com
Released October 22, 2009