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Humaniston Feb 03, 2021 9:16am
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TBP ANNOUNCES CLOSING OF NON BROKERED PVT PLACEMENT
TBP ANNOUNCES CLOSING OF NON BROKERED PVT PLACEMENTTetra Bio-Pharma Inc. Announces Closing of Non-Brokered Private Placement
Feb 03, 2021, 08:30 ET
OTTAWA, ON, Feb. 3, 2021 /CNW Telbec/ - Tetra Bio-Pharma Inc. ("Tetra Bio-Pharma" or the "Company") (TSX: TBP) (OTCQB: TBPMF), a leader in cannabinoid-derived drug discovery and development announced today the closing of its previously announced non-brokered private placement (the "Offering") of units of the Company (each, a "Unit"). A total of 11,085,064 Units were issued by the Company at a price of C$0.17 per Unit for aggregate gross proceeds of approximately C$1,885,000.
Each Unit consists of one common share of the Company (each, a "Common Share") and one common share purchase warrant of the Company (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire, on payment of C$0.21 to the Company, one common share of the Company (each, a "Warrant Share"), subject to adjustment in certain circumstances, for a period of 24 months, expiring on February 3, 2023. The Warrants are subject to acceleration, at the Company's discretion, in the event the volume-weighted average closing price of the Common Shares on the Toronto Stock Exchange is equal to or greater than C$0.60 for a period of 10 consecutive trading days.
The securities issued pursuant to the Offering are subject to a four-month hold period expiring on June 4, 2021. The Offering and listing of the Common Shares and Warrant Shares have been conditionally approved by the Toronto Stock Exchange. The Offering remains subject to the receipt of final approval of the Toronto Stock Exchange.
The Company intends to use the net proceeds of the Offering to bridge its working capital and general corporate requirements to further pursue its clinical trials and regulatory activities.
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 Toronto Stock Exchange has not approved the contents of this press release. Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
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