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Tetra Bio-Pharma Announces Closing of Unit Offering
Tetra Bio-Pharma Announces Closing of Unit Offering.
About this update from Tetra Bio-pharma Inc.
[{"type":"text","content":"\n\n\n\nTetra Bio-Pharma Announces Closing of Unit 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\n\n\n\n\n\nTetra Bio-Pharma Announces Closing of Unit Offering\nCanada NewsWire\nORLEANS, ON, July 12, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n ORLEANS, ON, July 12, 2019 /CNW Telbec/ - Tetra Bio-Pharma Inc. (\"Tetra\" or the \"Corporation\") a clinical-stage biopharmaceutical corporation with its primary focus in cannabinoid‑based drug discovery and development (TSXV: TBP) (OTCQB: TBPMF), is pleased to announce it has closed its previously announced short form prospectus offering of units of the Corporation, including the exercise in full of the Agents' (as defined below) over-allotment option. A total of 26,833,332 units (the \"Units\") of the Corporation were sold at a price of $0.30 per Unit, for aggregate gross proceeds of approximately $8,050,000 (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 $0.40 for a period of 36 months from the date of closing of the Offering. \nThe Offering was conducted by a syndicate of agents led by Echelon Wealth Partners Inc. and including Paradigm Capital Inc. (collectively the \"Agents\") on a commercially reasonable best efforts basis. In consideration of the services provided in connection with the Offering, Tetra paid the Agents a cash fee equivalent to 7% of the gross proceeds from the Offering (which was reduced to 2% in respect of \"President's List\" subscribers) in addition to 1,654,078 agents' warrants, each of which entitles the holder thereof to acquire one Common Share by paying an exercise price of $0.40 for a period of 24 months from the date of closing of the Offering.\nThe TSX Venture Exchange has conditionally approved the listing of the Warrants issued pursuant to the Offering, subject...