Sernova Corp. announced that it has issued 12,944,904 common shares at a price of CAD 1.57 per share for gross proceeds of CAD 20,323,499 to new investor Evotec SE on May 17, 2022. The company also issued unconditional purchase warrant exercisable on or before August 31, 2022. All of the securities issued to Evotec are subject to a four month hold period. Cord Dohrmann of Evotec will join as board of director as part of the transaction.

The TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from one placee.