September 4, 2020 Vancouver, British Columbia – Lions Bay Mining Corp. (“Lions Bay” or the “Company”) is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the “Private Placement”).

Under the final tranche (the “Final Tranche”) of the Private Placement, the Company issued 2,954,582 units (“Units”) at a price of $0.22 per Unit for total gross proceeds of approximately $650,008.00, and together with the first tranche which completed on August 26, 2020, raised total aggregate gross proceeds of $3,022,411.66. Each Unit consists of one common share (a “Common Share”) and one-half of one whole Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable for one additional Common Share at an exercise price of $0.50 for a period of two years. There were no finder’s fees paid in connection with the Final Tranche.

All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance.

In connection with the previously announced acquisition (the “Proposed Transaction”) of BioVaxys, Inc. (“BioVaxys”), the Company is pleased to announce that nonGMP production has been completed on BioVaxys’ SARS-CoV-2 vaccine BVX-0320 (the “Vaccine Candidate”), and dosing has begun with its preclinical study of immune response and T-cell activation in a murine model (the “Murine Mouse Study”). BioVaxys has contracted for the production of the Vaccine Candidate with Millipore/Sigma, a
Division of Merck KGaA based in Darmstadt, Germany. Charles River Laboratories Inc., of Wilmington MA, has been contracted by BioVaxys to perform the preclinical studies of the Vaccine Candidate at varying dosages in the Murine Mouse Study. Upon successful completion of the Murine Mouse Study, BioVaxys anticipates taking further steps to pursue regulatory approval for a study of the Vaccine Candidate in humans. BioVaxys anticipates results from the Murine Mouse Study later this fall and the parties
anticipate completing the Proposed Transaction this month.

BioVaxys has developed its vaccine technology platforms based on the established immunological concept that modifying proteins-with simple chemicals called haptens makes them more visible to the immune system. The process of haptenization “teaches” a patient’s immune system to recognize and make target proteins more ‘visible’ as foreign, thereby stimulating an immune response. BioVaxys’ antiviral approach entails haptenizing those SARS-CoV-2 viral proteins that are critical to the ability of the virus to bind to and enter human cells. For greater certainty, BioVaxys is not making any express or implied claims that it has the ability to treat the SARS-CoV-2 virus at this time.

James Passin, CEO of BioVaxys, stated, “With T-cell activation playing a critical role in responding to SARS-CoV-2 infection, we are looking forward to evaluating the data from these studies later this fall. BioVaxys gained critical know-how from the design and implementation of the nonGMP production protocol, which will be of significant help in any future scaling-up for clinical-grade production of our Vaccine Candidate for SARS-CoV-2, the virus that causes Covid-19.”