PINL:GRPOF - Post by User
Post by
Davesnothereon Jan 28, 2021 7:56am
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Post# 32407308
New Financing - no surprise
New Financing - no surprise | etra Bio-Pharma Inc. Announces a Non-Brokered Private Placement |
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CNW Group 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 that it is conducting a non-brokered private placement of 11,141,176 units of the Company (collectively, the "Units") at a price of C$0.17 per Unit for aggregate gross proceeds of approximately $1,900,000 (the "Offering"). This Offering is being conducted with a group of strategic investors including Dr. Michael Nashat, PharmD, a co-founder and the former President and Chief Executive Officer of TerrAscend Corp. Dr. Nashat is also the co-founder of OnPharm Independent Pharmacy Group, one of the largest independent non-banner group in Canada and the managing partner of RxInfinity Inc. Each Unit will consist 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 will entitle 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 from the closing date. 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 Offering is expected to close on or about January 29, 2021. |