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Tetra Bio-Pharma Announces Pricing of Marketed Public Offering of Units
Tetra Bio-Pharma Announces Pricing of Marketed Public Offering of Units.
About this update from Tetra Bio-pharma Inc.
[{"type":"text","content":"\n NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OTTAWA, Dec. 14, 2021 (GLOBE NEWSWIRE) -- Tetra Bio-Pharma Inc. (\"Tetra\" or the \"Company\") (TSX: TBP) (OTCQB: TBPMF) (FRA: JAM1), a leader in cannabinoid-derived drug discovery and development, is pleased to announce the price of its marketed public offering (the “Offering”) of units of the Company (the “Units”) previously announced on December 1, 2021. Pursuant to the Offering, the Company intends to issue Units at a price of $0.163 per Unit for aggregate gross proceeds of up to $6.8 million. The Offering is co-led by Research Capital Corporation and Echelon Wealth Partners Inc. as co-lead agents and joint bookrunners (the “Agents”). Each Unit will be comprised of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant of the Company (a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.195 for a period of 48 months following the closing of the Offering. The Company has granted the Agents an option (the “Over-Allotment Option”) to increase the size of the Offering by up to an additional number of Units, and/or the components thereof, that in the aggregate would be equal to approximately 15% of the total number of Units to be issued under the Offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any time and from time to time up to 30 days following the closing of the Offering. The net proceeds from the Offering will be used by the Company for clinical trials, working capital and general corporate purposes. The closing of the Offering is expected to occur on or about December 20, 2021 (the “Closing”), or on such date as agreed upon between the Company and the Agents, and is subject to the Company receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange (the “Exchange”) to list, on the date of Closing, the Common Shares and the Common Shares issuable upon exercise of the Warrants and compensation warrants thereon. In addition, the Company will use commercial reasonable efforts to obtain the necessary approvals to list the Warrants on the Exchange as soon as reasonably after the Closing. ...