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Humaniston May 17, 2021 9:53am
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TBP announces closing of bought deal 10 mlns
TBP announces closing of bought deal 10 mlns Tetra Bio-Pharma Announces Closing of Bought Deal Offering
05/17/2021
OTTAWA, ON, May 17, 2021 /CNW Telbec/ - Tetra Bio-Pharma Inc. (the "Company") (TSX: TBP) (OTCQB: TBPMF) (FRA: JAM1), a leader in cannabinoid-derived drug discovery and development, is pleased to announce it has closed its previously announced bought-deal public offering of units (the "Units") of the Company. A total of 25,000,000 Units of the Company were sold at a price of $0.40 per Unit, for aggregate gross proceeds to the Company of $10,000,000 (the "Offering"). The Offering was led by Echelon Wealth Partners Inc., and with a syndicate including Canaccord Genuity Corp. and Leede Jones Gable Inc.
Each Unit consisted of one common share (a "Common Share") in the capital of the Company and one Common Share purchase warrant (a "Warrant") of the Company. Each Warrant entitles the holder thereof to acquire one Common Share by paying an exercise price of $0.51 for a period of 24 months from the date of closing of the Offering.
The Toronto Stock Exchange has conditionally approved the listing of the Common Shares partially comprising the Units and the Common Shares issuable upon the exercise of the Warrants. Listing will be subject to the Company fulfilling all of the listing requirements of the Toronto Stock Exchange.
The Offering was completed pursuant to the Company's Canadian base shelf prospectus dated April 1, 2020 (the "Base Shelf Prospectus"). A prospectus supplement (the "Prospectus Supplement") dated May 12, 2021 relating to the Offering was filed in each of the provinces of Canada. Copies of the Prospectus Supplement and accompanying Base Shelf Prospectus are available under the Company's profile on SEDAR at www.sedar.com.
The Company intends to use the net proceeds of the Offering for clinical trials, working capital and general corporate purposes.
The securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
This press release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or sale would be unlawful.