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Tetra Bio-Pharma Announces Exercise of Over-Allotment Option in Connection with Bought Deal Financing
Tetra Bio-Pharma Announces Exercise of Over-Allotment Option in Connection with Bought Deal Financing.
About this update from Tetra Bio-pharma Inc.
[{"type":"text","content":"\n\n\n\nTetra Bio-Pharma Announces Exercise of Over-Allotment Option in Connection with Bought Deal Financing\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 Exercise of Over-Allotment Option in Connection with Bought Deal Financing\nCanada NewsWire\nOTTAWA, ON, May 21, 2021\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n OTTAWA, ON, May 21, 2021 /CNW/ - 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 that, in connection with its previously announced bought-deal public offering (the \"Offering\") of units (the \"Units\") of the Company for aggregate gross proceeds to the Company of $10,000,000, Echelon Wealth Partners Inc., as Lead Underwriter on behalf of a syndicate of underwriters including Canaccord Genuity Corp. and Leede Jones Gable Inc., has exercised their over-allotment option in full, resulting in the issuance of an additional 3,750,000 Units, and an additional $1,500,000 of gross proceeds to the Company.\nEach Unit consists 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 ending on May 17, 2023.\nThe 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.\nThe Company intends to use the net proceeds resulting from the exercise of the over-allotment option by the Underwriters for general corporate purposes, including working c...