ImmunoPrecise Antibodies (TSXV: IPA) announced this morning that it has managed to remove outstanding convertible debenture debt from its balance sheet, with the company managing to pay off the remaining debt associated with the April 2018 issuance. Further, the company also announced that it has raised a total of $3.8 million from the exercise of warrants.
Originally issued with an 18 month maturity, the company managed to extend a sizable $2.75 million portion of the debt at the end of September, extending the maturity by six months. The extension at the time cost no penalty, however the interest rate was increased from 10.0% to 12.5% as part of the extension. That debt has now been paid off, via a recently completed $2.6 million convertible debenture financing as well as the receipt of $3.8 million from the exercise of warrants.
The company saw a number of warrants exercised, including 875,000 units at $1.00, 1,357,971 units at $0.70, and 1,588,500 units at $1.25.
Immunoprecise Antibodies last traded at $1.38 on the TSX Venture.
Information for this analysis was found via Sedar and ImmunoPrecise Antibodies Ltd. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
