Vancouver, British Columbia--(Newsfile Corp. - December 29, 2016) - TANQUERAY EXPLORATION LTD. (TSXV: TQY.H) (the "Company") is pleased to announce that it has completed its acquisition of ImmunoPrecise Antibodies Ltd. (TSXV: IPA) ("IPA") (the "Transaction") and concurrent private placement financing of 14,377,500 common shares at a price of $0.30 per share for gross proceeds of $4,313,250. As part of the Transaction, the Company will commence trading on the TSX Venture Exchange as a Tier 2 life science issuer under the symbol "IPA" on December 29, 2016.
Acquisition of IPA
Under the terms of the Share Exchange Agreement ("Definitive Agreement"), the Company acquired all of the issued and outstanding shares of IPA and, in consideration of which, the Company (A) paid the principal shareholders $1,000,000 and (B) issued a total of 9,602,966 common shares of the Company to the shareholders of IPA (the "Consideration Shares"). The Consideration Shares represents twenty five percent (25%) of the issued and outstanding shares of the Company on closing of the transaction and Financing (as defined below).
Concurrent with closing the Transaction, the Company issued 14,377,500 common shares of the Company at a price of $0.30 per share for gross proceeds of $4,313,250 (the "Financing"). In connection with the Financing, the Company paid finders a cash fee of $42,291 and issued finders a total of 505,750 common shares. The securities issued under the financing will be subject to a hold period expiring on April 22, 2017 pursuant to applicable Canadian securities laws.
As part of the Transaction, the Company changed its name to "ImmunoPrecise Antibodies Ltd." and paid a finder's fee of $97,022.
Directors, Officers and Stock Options
As a result of closing of the Transaction, Thomas D'Orazio became the Chief Executive Officer, President and a director of the Company, Robert Beecroft became Chief Technology Officer and a director of the Company, Natasha Tsai will remain as Chief Financial Officer of the Company and Dawn Wattie became Corporate Secretary of the Company. Guy Champagne, Dr. James Kuo and Greg Smith will serve as directors of the Company.
In conjunction with closing the Transaction, the Company granted 1,655,000 stock options to the officers, directors, employees and consultants of the Company. The options will be exercisable at a price of $0.30 per share, be subject to vesting provisions and be exercisable for a period of five years from the grant date.
Escrow Shares
A total of 10,852,966 shares will be subject to the escrow requirements set forth in TSX Venture Exchange Policy 5.4 - Escrow, Vendor Consideration and Resale Restrictions whereby 10% of the escrowed shares will be released on the initial listing date and 15% of the escrowed shares will be released each six month period thereafter.
About ImmunoPrecise Antibodies Ltd.
IPA was incorporated on May 9, 1995 under the laws of the province of British Columbia. IPA is a premier supplier of custom monoclonal and polyclonal antibodies for a variety of species including rabbit, mice and rat for monoclonal hybridomas and for rabbit, rat, goat and sheep for polyclonal antibodies, custom peptide production services and cryopreservation services.
Utilizing IPA's state of the art laboratory services, IPA supplies customized monoclonal and polyclonal antibodies to customers worldwide. The target market for the IPA products and services are to academic, biotech and pharmaceutical industries.
For further information please contact:
ImmunoPrecise Antibodies Ltd.
Thomas D'Orazio, CEO
tom@immunoprecise.com
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company including those to be described in the Filing Statement filed by the Company on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
NEITHER 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.