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Tetra Bio-Pharma Announces Closing of Public Offering
Tetra Bio-Pharma Announces Closing of Public Offering.
About this update from Tetra Bio-pharma Inc.
[{"type":"text","content":"\n\n\n\nTetra Bio-Pharma Announces Closing of Public Offering\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nTetra Bio-Pharma Announces Closing of Public Offering\nCanada NewsWire\nOTTAWA, May 22, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n OTTAWA, May 22, 2020 /CNW Telbec/ - Tetra Bio-Pharma Inc. (\"Tetra\" or the \"Corporation\") (TSXV: TBP) (OTCQB: TBPMF), a leader in cannabinoid-derived drug discovery and development, is pleased to announce it has closed its previously announced public overnight marketed offering of units (the \"Units\") of the Corporation, including the partial exercise of the Agents' (as defined below) over-allotment option. A total of 35,191,000 Units of the Corporation were sold at a price of $0.26 per Unit, for aggregate gross proceeds of $9,149,660 (the \"Offering\"). \nEach Unit consisted of one common share (a \"Common Share\") in the capital of the Corporation and one Common Share purchase warrant (a \"Warrant\") of the Corporation. Each Warrant entitles the holder thereof to acquire one Common Share by paying an exercise price of $0.32 for a period of 36 months from the date of closing of the Offering. \nThe Offering was led by Raymond James Ltd. and Canaccord Genuity Corp. and included Echelon Wealth Partners Inc. (collectively the \"Agents\"). \nThe Offering was completed pursuant to the Corporation's Canadian base shelf prospectus dated April 1, 2020 (the \"Base Shelf Prospectus\"). A prospectus supplement (the \"Prospectus Supplement\") dated May 19, 2020 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 Corporation's profile on SEDAR at www.sedar.com.\nThe Corporation intends to use the net proceeds of the Offering to continue the development of its clinical program, including Phase 2 and phase 3 clinical trials, toxicology, regulatory and manufacturing expenses related to QIXLEEF™ (PPP001).\nThe se...