IPA Announces Closing of Over-Allotment Option Associated with the Recently Completed Bought Deal Offering of Common Shares

IMMUNOPRECISE ANTIBODIES LTD. (the “Company” or “IPA”) (NASDAQ: IPA / TSX VENTURE: IPA) a leader in full-service, therapeutic antibody discovery and development, today announced that the over-allotment option (the “Option”) granted in connection with its previously announced bought deal offering of 1,616,293 common shares (the “Common Shares”) in the capital of the Company (the “Offering”), has been fully exercised. H.C. Wainwright & Co. has purchased additional 242,443 shares of the Company (the “Additional Shares”) at the public offering price of $13.45 per Additional Share for additional aggregate gross proceeds to the Company of approximately $3.3 million, less underwriting discounts and commissions.

H.C. Wainwright & Co. acted as sole book-running manager for the Offering.

The Company intends to use the net proceeds from the Offering and the issuance and sale of the Additional Shares for (i) pursuing the Company’s objective of expanding its operations into Good Laboratory Practice and Good Manufacturing Practice-certified; (ii) the development and commercialization of Talem Therapeutics, LLC’s, a wholly owned subsidiary of the Company, internal and partnered therapeutic discovery programs; (iii) investments in employees, partnerships, cloud computing, data curation and analysis to enable further work toward the development of custom algorithms, cloud computing, large-scale sequence data analysis, and expanded access to next-generation sequencing technologies; (iv) the development of its PolyTope^TM approach to the development of innovative therapeutics and vaccines against the COVID-19; and (v) general corporate and working capital purposes.

In connection with the Offering, the Company filed with the securities regulatory authorities in each of the provinces of Canada (except Quebec), a short form base shelf prospectus dated December 11, 2020. The short form base shelf prospectus was filed on Form F-10 with the U.S. Securities and Exchange Commission (“SEC”). The Company also filed a preliminary prospectus supplement to the short form base shelf prospectus with the securities regulatory authority in the Province of British Columbia as well as with the SEC as part of a registration statement on Form F-10 under the U.S.-Canada multijurisdictional disclosure system (“MJDS”). The Common Shares were only offered and sold in the United States either directly or through duly registered U.S. broker dealers. No Common Shares were offered or sold to Canadian purchasers.