Document:

EX-4.8

 Exhibit 4.8 

FORM 51-102F3 

MATERIAL CHANGE REPORT 
  

			
	Item 1.	  	Name and Address of Company
		
		  	IMMUNOPRECISE ANTIBODIES LTD.
		  	3204-4464 Markham Street
		  	Victoria, BC V8Z 7X8
		
		  	(the “Company”)
		
	Item 2.	  	Date of Material Change
		
		  	March 31, 2020
		
	Item 3.	  	News Release
		
		  	The news release was issued on March 31, 2020 and was disseminated by Newswire.
		
	Item 4.	  	Summary of Material Change
		
		  	The Company announced that it has extended the maturity date for $2,000,000 of previously issued debentures from March 26, 2020 to September 26, 2020. The Company completed its settlement of $700,000 of previously
issued debentures and interest of $46,875 accrued thereon by issuing 1,244,792 common shares at a price of $0.60 per share.
		
	Item 5.	  	Full Description of Material Change
		
		  	Please refer to the Company’s news release disseminated on March 31, 2020, a copy of which is attached hereto.
		
	Item 6.	  	Reliance on Subsection 7.1(2) of National Instrument 51-102
		
		  	Not applicable.
		
	Item 7.	  	Omitted Information
		
		  	None.
		
	Item 8.	  	Executive Officer
		
		  	For further information, please contact:
		
		  	Jennifer Bath
		  	Chief Executive Officer
		  	(250) 483-0308
		
	Item 9.	  	Date of Report
		
		  	April 7, 2020

 ImmunoPrecise Announces Extension of Debentures and Completion of Debt Settlement of Previously Issued
Debentures 
  
 

 
  
  

NEWS PROVIDED BY 
 ImmunoPrecise Antibodies Ltd.® 
 Mar 31, 2020, 09:40 ET 
  

 
 VICTORIA, March 31, 2020 /CNW/ - IMMUNOPRECISE
ANTIBODIES LTD. (the “Company” or “IPA”) (TSX VENTURE: IPA) (OTC QB: IPATF) announces that it has extended maturity date for $2,000,000 of previously issued debentures from March 26, 2020 to September 26, 2020. 

The Company is also pleased to announced that it has completed its settlement of $700,00 of previously issued debentures and interest of $46,875 accrued
thereon by issuing 1,244,792 common shares at a price of $0.60 per share (the “Debt Settlement”). The purpose of the Debt Settlement is to reduce the ongoing debt obligations of the debentures. The shares will be subject to a four month
hold period expiring on July 27, 2020. 
 About ImmunoPrecise Antibodies Ltd. 

The Company is an international, full-service, therapeutic antibody discovery company offering species agnostic advancements such as the B cell SelectTM progressive single-cell interrogation technology and the DeepDisplayTM custom, transgenic animal phage libraries, as well as the AbthenaTM bispecific program. IPA is focused on the next generation of antibody discovery, to deliver the most therapeutically-relevant antibodies, in a shorter period of time, with the highest probability of
succeeding to clinical trials. 

 The Company’s antibody discovery and development are conducted in Utrecht and Oss, the Netherlands (U-Protein Express and IPA Europe, respectively), and in Victoria, British Columbia (IPA Canada). The Company operates globally to offer a continuum of superior antibody services, transforming the face of
therapeutic discovery, by decreasing turnaround time and risk, and promoting clinical success. 
 Forward Looking Information 

This news release contains statements that, to the extent they are not recitations of historical fact, may constitute “forward-looking statements”
within the meaning of applicable Canadian securities laws. The Company uses words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “believe”, “intend” and
similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and
expected future developments. However, whether actual results and developments will conform to the Company’s expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause the
Company’s actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. The forward-looking statements contained herein speak only as of the date of this press release and,
unless required by applicable law, ImmunoPrecise undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise. 

Neither the 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. 

For further information: For investor relations please contact: Frederick Chabot, Phone: 1-438-863-7071, Email: frederick@contactfinancial.com, Contact Financial Corp., 1450 - 701 West Georgia St., Vancouver, BC V7Y 1G5 

Related Links 
 www.immunoprecise.comEX-4.9

 Exhibit 4.9 

FORM 51-102F3 

MATERIAL CHANGE REPORT 
  

			
	Item 1.	  	Name and Address of Company
		
		  	IMMUNOPRECISE ANTIBODIES LTD.
		  	 3204-4464 Markham Street
 Victoria, BC V8Z
7X8

		
		  	(the “Company”)
		
	Item 2.	  	Date of Material Change
		
		  	April 24, 2020
		
	Item 3.	  	News Release
		
		  	The news release was issued on April 24, 2020 and was disseminated by Newswire.
		
	Item 4.	  	Summary of Material Change
		
		  	The Company announced that it plans to complete a non-brokered private placement offering of 10% convertible debentures (the “Debentures”) in the principal amount of CAD$2,000,000
(the “Offering”).
		
	Item 5.	  	Full Description of Material Change
		
		  	The Company announces that it plans to complete a non-brokered private placement offering of 10% convertible debentures (“Debentures”) in the principal amount of CAD$2,000,000
(the “Offering”). The debentures are unsecured, bear interest at a rate of 10% per annum, payable annually and due two years from the date of issue (which may be repaid early at the option of the Company). The principal amount of the
Debentures may be convertible at the option of the holder into units of the Company at a conversion price of CAD$0.85 per share.
		
		  	The Company may force convert the principal amount of the Debentures at $0.85 per share if the average closing price is equal to or greater than CAD$1.50 for twenty (20) trading days (the “20 Day Period”). In order
to exercise this right, the Company must issue a new release announcing its intention to exercise this right within 10 business days after the end of the particular 20 Day Period. The Company may pay a finder’s fee in cash and/or share purchase
warrants under the Offering. Closing of the Offering is subject to acceptance of the TSX Venture Exchange.
		
		  	Please refer to the Company’s news release disseminated on April 24, 2020.
		
	Item 6.	  	Reliance on Subsection 7.1(2) of National Instrument 51-102
		
		  	Not applicable.
		
	Item 7.	  	Omitted Information
		
		  	None.
		
	Item 8.	  	Executive Officer
		
		  	For further information, please contact:
		
		  	Jennifer Bath
		  	Chief Executive Officer
		  	(250) 483-0308

			
	Item 9.	  	Date of Report
		
		  	April 27, 2020EX-4.10

 Exhibit 4.10 

FORM 51-102F3 

MATERIAL CHANGE REPORT 
  

	Item 1.	 Name and Address of Company 

IMMUNOPRECISE ANTIBODIES LTD. 

3204-4464 Markham Street 

Victoria, BC V8Z 7X8 
 (the
“Company”) 
  

	Item 2.	 Date of Material Change 

May 15, 2020 
  

	Item 3.	 News Release 

The news release was issued on May 15, 2020 and was disseminated by Cision. 

 

	Item 4.	 Summary of Material Change 

On May 15, 2020, the Company closed a non-brokered private placement financing of 10% convertible
debentures in the principal amount of CAD$2,592,000. 
 Also on May 15, 2020, the Company announced the resignation of its Chief
Technology Officer, Chip Wheelock. 
  

	Item 5.	 Full Description of Material Change 

Convertible Debenture Financing 

On May 15, 2020, the Company closed its previously announced non-brokered private placement
financing by issuing 10% convertible debentures in the principal amount of CAD$2,592,000. The debentures are unsecured, bear interest at a rate of 10% per annum, payable annually and are due May 15, 2022 (which may be repaid early at the option
of the Company). 
 The principal amount of the debentures may be convertible, at the option of the holder, into shares of the Company at a
conversion price of CAD$0.85 per share. The Company may force convert the principal amount of the debentures at $0.85 per share if the average closing price is equal to or greater than CAD$1.50 for twenty (20) trading days (the “20 Day
Period”). In order to exercise this right, the Company must issue a new release announcing its intention to exercise this right within 10 business days after the end of the particular 20 Day Period. 

Jennifer Bath, CEO of the Company, subscribed for $175,000 of debentures and Paul Andreola, a director of the Company, subscribed, directly
and indirectly, for a total of $229,000 debentures. Participation by these insiders in the private placement is considered a related party transaction pursuant to Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special Transactions. The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the insider’s participation in the private placement
in reliance of sections 5.5(a) and 5.7(a) of MI 61-101. 
 The securities are subject to
restrictions on resale expiring on September 16, 2020. The Company paid finders cash commissions totalling $43,000. Proceeds of the offering will be used to expand operations and sales in the United States, Canada and Europe and working capital
purposes. 
 Resignation of Chief Technology Officer 

Also on May 15, 2020, the Company announced the resignation of its Chief Technology Officer, Chip Wheelock. 

	Item  6.	 Reliance on Subsection 7.1(2) of National Instrument 51-102

 Not applicable. 
  

	Item 7.	 Omitted Information 

None. 
  

	Item 8.	 Executive Officer 

For further information, please contact: 

Jennifer Bath 
 Chief
Executive Officer 
 (250) 483-0308 

 

	Item 9.	 Date of Report 

May 21, 2020

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