Immunoprecise Antibodies Ltd. (CVE:IPA) announced Wednesday that it has upped its non-brokered private placement financing to 875,000 units of Immunoprecise at a price of C$0.80 per unit to shore up $700,000 of capital. Previously, the company announced plans to sell up to 750,000 units at a price of C$0.80 per unit.
Markets responded favourably to the news, with shares of ImmunoPrecise up 15.05% at C$1.07 on Wednesday.
Proceeds of the placement will be used to expand operations and sales in the United States, Canada and Europe.
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According to the terms of the agreement, each unit will consist 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 C$1.50 for a period of 20 consecutive days.
In such an event, 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.
Immunoprecise is a full-service, therapeutic antibody discovery company, which operates facilities located at the Vancouver Island Technology Park in Victoria, British Columbia. The company specializes in the production of monoclonal antibodies used in a range of research from Alzheimer’s disease to aquaculture.
Recently, the company opened its new US headquarters in Fargo, North Dakota, with an aim that it will allow the company to tap into a large investor community.