ImmunoPrecise Antibodies has increased its non-brokered private placement financing to 875,000 units of ImmunoPrecise at a price of $0.80 per unit for gross proceeds of $700,000.
Each unit will continue to consist of one common share of ImmunoPrecise and one share purchase warrant of ImmuoPrecise, with each warrant entitling the holder to purchase an additional share at a price of $1.00 for a period of one year from the date of issue.
ImmunoPrecise will have the right to accelerate the expiry date of the warrants provided that ImmunoPrecise’s volume-weighted average price trades at $1.50 for a period of 20 consecutive days.
In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after ImmunoPrecise issues a news release announcing that it has elected to exercise this acceleration right.
The proceeds of the financing will be used to expand operations and sales in the US, Canada and Europe.