Tetra Bio-Pharma Inc. Announces the Closing of $4,292,000 Non-Brokered Private Placement
OTTAWA, ONTARIO -- (Marketwired) -- Mar 27, 2018 -- Tetra Bio-Pharma Inc. ("Tetra" or the "Company") (TSX VENTURE : TBP )(OTCQB : TBPMF ), a global leader in cannabinoid-based drug development and discovery, is pleased to announce it has closed its non-brokered private placement of 4,292,000 units at a price of $1.00 per unit for aggregate gross proceeds of $4,292,000. Each unit consists of one common share and one non-transferable warrant, with a whole warrant entitling the holder to purchase one common share at a price of $1.30 per share for a period of thirty-six months expiring March 28th, 2021.
The Corporation intends to use the net proceeds of the Offering to advance its Phase 3 trial for PPP001 and other clinical trials, to effect the repayment of indebtedness, for the support of its commercial efforts and for general corporate and working capital purposes.
The securities issued pursuant to the private placement will be subject to a four-month hold period from the closing date. Completion of the private placement remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
The securities described herein have not been, and will not be, registered under the U.S. Securities Act or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Corporation paid commissions in association with the financing of an aggregate of $275,800 in cash and the issuance of 275,800 finders' warrants to GMP Richardson and IA Securities, exercisable at a price of $1.00 for a period of 24 months from closing. Each finders' warrant is exercisable into a common share and common share purchase warrant, which is exercisable at a price of $1.30 per common share purchase warrant for a period of 24 months from the closing of the financing.
The TSX Venture Exchange Inc. has not approved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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