VICTORIA, May 8, 2020 /CNW/ - IMMUNOPRECISE ANTIBODIES LTD.
(the "Company" or "IPA") (TSX VENTURE: IPA) (OTC QB: IPATF) is
pleased to announce that it has increased its previously announced
(see news release dated April 24,
2020) non-brokered private placement financing of 10%
convertible debentures from CAD$2,000,000 to CAD$2,300,000.
The debentures will continue to be unsecured, bear interest at a
rate of ten percent (10%) per year, payable annually, and are due
two years from the date of issue (which may be repaid early at the
option of the Company). The principal amount of the debentures may
be convertible, at the option of the holder, into units of the
Company at a conversion price of $0.85 per share.
The Company may force convert the principal amount of the
debentures at CAD$0.85 per share if
the average closing price is equal to or greater than CAD$1.50 for 20 trading days. In order to
exercise this right, the Company must issue a news release
announcing its intention to exercise this right within 10 business
days after the end of the particular 20-day period.
Closing of the offering is subject to acceptance of the TSX
Venture Exchange.
Deferred Purchase Price for IPA Europe and Immulease
The Company also announces that it has issued shares and made
payment in respect of the deferred purchase price for its wholly
owned subsidiary ImmunoPrecise Antibodies (Europe) B.V. ("IPA Europe") and its sister
entity Immulease B.V. ("Immulease"), acquired in 2018.
The share issuance and cash payments were made in respect of the
second deferred payment due for IPA Europe and Immulease. The
Company paid €335,555 in cash, and issued 664,153 common shares
also valued at €335,555 based on a price of C$0.77 per share, being the closing price for the
Company's shares on April 30, 2020
and converted to euros based on the daily exchange rate quoted by
the Bank of Canada for the 10
prior business days. The shares issued are subject to a four
month and one day hold period under applicable Canadian securities
laws
About ImmunoPrecise Antibodies Ltd.
ImmunoPrecise is a full-service, therapeutic antibody discovery
Contract Research Organization offering species agnostic,
multi-format, characterized and engineered, human monoclonal
antibodies, on an abbreviated timeframe, for its pharmaceutical
clients. For further information, visit www.immunoprecise.com or
contact solutions@immunoprecise.com. There is no assurance that
ImmunoPrecise will be successful in the development of a vaccine
and/or therapeutic against the new coronavirus.
Forward Looking Information
This news release contains statements that, to the extent
they are not recitations of historical fact, may constitute
"forward-looking statements" within the meaning of applicable
Canadian securities laws. The Company uses words such as "may",
"would", "could", "will", "likely", "expect", "believe", "intend"
and similar expressions to identify forward-looking statements. Any
such forward-looking statements are based on assumptions and
analyses made by ImmunoPrecise in light of its experience and its
perception of historical trends, current conditions and expected
future developments. However, whether actual results and
developments will conform to ImmunoPrecise's expectations and
predictions is subject to any number of risks, assumptions and
uncertainties. Many factors could cause ImmunoPrecise's actual
results to differ materially from those expressed or implied by the
forward-looking statements contained in this news release. Such
factors include, among other things, actual revenues and earnings
for IPA being lower than anticipated, and those risks and
uncertainties described in ImmunoPrecise's annual management
discussion and analysis for the quarter ended January 31, 2020 which can be accessed at
www.sedar.com. The "forward-looking statements" contained
herein speak only as of the date of this press release and, unless
required by applicable law, ImmunoPrecise undertakes no obligation
to publicly update or revise such information, whether as a result
of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE ImmunoPrecise Antibodies Ltd.