Immunoprecise Antibodies Ltd (CVE:IPA) announced today that it has closed its previously announced non-brokered private placement financing, issuing a total of 875,000 units at a price of C$0.80 per unit for gross proceeds of C$700,000.
The full-service, therapeutic antibody discovery company said proceeds from the financing will be used to expand operations and sales in the US, Canada and Europe. The company specializes in the production of monoclonal antibodies used in a range of research from Alzheimer’s disease to aquaculture.
According to the terms of the placement, each unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional share at a price of $1 for a period of one year from the date of issue.
The company said it will have the right to accelerate the expiry date of the warrants provided that Immunoprecise's volume-weighted average price trades at a price equal to or greater than $1.50 for a period of 20 consecutive days.
According to the company, in the event of acceleration, the expiry date will be accelerated to a date that is 30 days after a news release is issued announcing
The securities issued under the financing will be subject to restrictions on resale until Oct. 19, 2018.
The company said finders' fees totaling C$3,000 were paid.
Shares of Immunoprecise closed down 4.13% at C$1.16.