Halifax, Nova Scotia; October 5, 2009 – Immunovaccine Inc. (TSX-V:IMV), formerly Rhino Resources Inc. (RHI.P), is pleased to announce it will begin trading on the TSX-Venture Exchange as of October 5, 2009. Immunovaccine Inc. will trade as a Tier 1 issuer under the ticker symbol "IMV”.
"The start of trading on the TSX Venture Exchange marks a significant milestone for Immunovaccine Inc.," remarked Dr. Randal Chase, President and CEO of Immunovaccine Inc. "We look forward to an expanded shareholder base and the benefits of being a publicly traded company, as we prepare to take our patented vaccine technology into Phase 1 human clinical trials."
Immunovaccine Inc. also announces the closing of the previously announced private placement totaling $8,269,109 in gross proceeds. The TSX Venture Exchange has accepted the private placement for filing, as documented in the June 8 and August 19, 2009 announcements. The private placement includes the issuance of a total of 11,813,013 post-consolidated shares at a price of $0.70 per share. Following completion of the share consolidation, Qualifying Transaction and private placement, there are 44,814,123 common shares issued and outstanding.
As indicated in the Bulletin issued October 2, 2009, the TSX Venture Exchange has accepted the filing of Rhino Resources Inc.’s (Rhino) Qualifying Transaction (“QT”) described in its Information Circular dated August 25, 2009. As a result, at the opening on Monday, October 5, 2009, Rhino will no longer be considered as a Capital Pool Company.
Pursuant to a special resolution passed by Rhino’s shareholders on September 25, 2009, Rhino consolidated its capital on a 5 old shares for 1 new share basis and changed its name from “Rhino Resources Inc.” to “Immunovaccine Inc.”
A total of 10,047,004 common shares and 877,283 incentive options issued to Immunovaccine Inc.’s security holders are escrowed pursuant to an Exchange Tier 1 Value Escrow Agreement.
Immunovaccine Inc., a vaccine development company, is classified as a “Research and Development in the Physical, Engineering and Life Sciences ” Issuer (NAICS Number: 541710). For further information, please refer to the Information Circular dated August 25, 2009, available under the Company’s profile at www.sedar.com.
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."
Jennifer Ayotte, Communications
T: (902) 209-4704 E: firstname.lastname@example.org
Brian Lowe, VP Immunovaccine Inc.
T: (902) 492-1819 E: email@example.com