Ari Kellen Acquires Common Shares of Vaxil Bio Ltd.

TORONTO, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Ari Kellen announces that on January 26, 2018, he acquired (the "Acquisition") by way of private placement ownership over 4,985,000 units ("Units") of Vaxil Bio Ltd. (TSXV:VXL) ("Vaxil") at a price of $0.10 per Unit for total consideration of $498,500.

Each Unit consists of one common share of Vaxil (a "Vaxil Share") and one common share purchase warrant (a "Vaxil Warrant").  Each Vaxil Warrant entitles the holder to purchase one Vaxil Share at a price of $0.10 per Vaxil Share until January 26, 2021.

As of the date hereof, after giving effect to the Acquisition, Mr. Kellen owns 4,985,000 Vaxil Shares and 4,985,000 Vaxil Warrants, representing approximately 5.74% of Vaxil’s issued and outstanding common shares on a non-diluted basis, and approximately 10.86% on a partially diluted basis (assuming the exercise of the Vaxil Warrants owned by Mr. Kellen).  Prior to the Acquisition, Mr. Kellen did not own any securities of Vaxil.

Mr. Kellen acquired the Vaxil securities for investment purposes and may, depending on the market and other conditions, increase or decrease his beneficial ownership of Vaxil securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Issuer is a reporting issuer containing information with respect to the foregoing matters (the “Early Warning Report”).  A copy of the Early Warning Report will appear at www.sedar.com under Vaxil’s issuer profile on the System for Electronic Document Analysis and Retrieval.

Contact
Vaxil Bio Ltd.
416-227-9667