Vaxil Bio Ltd. (TSXV:VXL) entered into a non-binding letter of intent to acquire Short Wave Pharma Inc. for CAD 2.5 million on October 14, 2021. The consideration payable in that number of units of Vaxil arrived at by dividing the Consideration by a price per Consideration Unit equal to CAD 0.10 being 25,000,000 Units. In the event that the TSXV does not approve the Base Price, then the deemed price shall be increased to the minimum price allowed by the TSXV. Each Consideration Unit shall consist of one common share in the capital of Vaxil and one (1) common share purchase warrant exercisable for an additional Common Share, upon payment of CAD 0.20 at any time up to three years from the closing of the Transaction. In the event that the TSXV does not approve the Base Exercise Price, then the exercise price shall be increased to the minimum exercise price allowed by the TSXV. The Parties agree that the Consideration Units will be subject to a minimum contractual lock-up on the following schedule: 50% will be released from any trading restrictions on the 6-month anniversary of closing; 25% will be released from any trading restrictions on the 9-month anniversary of closing; and 25% will be released from any trading restrictions on the 12-month anniversary of closing. Upon closing of the Transaction, Vaxil will allow Shortwave to nominate one nominee to Vaxil?s board of Directors, which nominee must be agreeable to Vaxil. The Transaction (including the issuance of the Consideration Units) is subject to the fulfillment of certain conditions precedent as are customary for transactions of this size including the approval of the TSXV, as well as the completion of a private placement financing. Vaxil Bio Ltd. (TSXV:VXL) cancelled the acquisition of Short Wave Pharma Inc. on November 11, 2021. The decision was reached following a due diligence process, concluding that the transaction does not deliver sufficient synergies for the two parties.