Ann: Imugene completes $90 M placement and launches $5 M SPP, page-348

This historical 1.4c raise between IMUOA, IMUOB and IMUOC Options are quite likely is just coincidental and reflective of where the company and share price was at the time of each capital raise in 2017, 2018 and 2019.

This new capital raising has been conducted at 30c (when we were trading around 33c range) and as such the free Options exercise price has been set (similar to prior times) at approx 30-40% premium to the capital raising share price.

These new 300million shares at 30c bring in 90million now and the 2 for 1 free Option IMUOD equates to 150m x 45c for a further 67.5 million when they are exercised and converted by holders into fully paid ordinary shares anytime within the next 4 years.

It would not make sense for a company to issue these new Options at a discount to existing share price level, as that does not give an incentive to remain a long term investor wanting to see the share price well and truly remain above the 45c level.