PINL:GRPOF - Post by User
Post by
StingRay007on Feb 08, 2018 4:21pm
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Post# 27529279
Upsized
Upsized | TSXV-listed Tetra Bio-Pharma Down 8.0% as Previously Announced Offering Upsized To Up To $11.5 Mln |
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01:59 PM EST, 02/08/2018 (MT Newswires) -- Tetra Bio-Pharma (TBP.V) shares were trading at $1.03 on last look, for an 8.0% loss from the previous close, after the cannabinoid-based drug company said Thursday afternoon that it has upsized its previously announced bought deal offering, from 8.0 million units at $1.00 each for gross proceeds of $8.0 million to 10.0 million units at the same price for gross proceeds of $10.0 million. The company has also granted an increased over-allotment option to underwriters, from 1.2 million units to 1.5 million units. The maximum amount that the offering will raise, if the over-allotment option is full y exercised, increased from $9.2 million to $11.5 million. Each unit will consist of one common share and one warrant, with each warrant exercisable into one common share at $1.30 each for a 36-month period. According to Tetra, the proceeds of the offering will be used to continue and accelerate some of its development projects in the pipeline. The funds will also be used to advance the Phase 3 trial for its lead drug candidate, PPP001, repay debt, and for general corporate and working capital purposes. The offering is expected to close on Feb. 28. Price: 1.03, Change: -0.09, Percent Change: -8.0 |