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Tetra Bio-Pharma Announces Upsizing of Previously Announced Offering
Tetra Bio-Pharma Announces Upsizing of Previously Announced Offering.
About this update from Tetra Bio-pharma Inc.
[{"type":"text","content":"\n\n\n\nTetra Bio-Pharma Announces Upsizing of Previously Announced 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 Upsizing of Previously Announced Offering\nCanada NewsWire\nORLEANS, ON, Jan. 27, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES/\n ORLEANS, ON, Jan. 27, 2020 /CNW Telbec/ - Tetra Bio-Pharma Inc. (\"Tetra\" or the \"Company\") (TSX VENTURE: TBP) (OTCQB: TBPMF) a global leader in cannabinoid-based drug development and discovery, announced today that it has entered into a revised agreement with Echelon Wealth Partners Inc. (the \"Underwriter\"), pursuant to which the Underwriter will purchase, on a bought deal basis pursuant to the filing of a short form prospectus, an aggregate of 29,245,300 units (the \"Units\") of the Company at a price of $0.53 per Unit (the \"Offering Price\") for aggregate gross proceeds of $15,500,009 (the \"Offering\").\nEach Unit will consist of one common share (a \"Common Share\") in the Company and one warrant (a \"Warrant\" and collectively the \"Warrants\"). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.75, for a period of 36 months from the Closing Date.\nThe Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 4,386,795 Units at the offering price, exercisable for a period of 30 days after closing. If the over-allotment option is exercised in full, the gross proceeds from the Offering will be approximately $17,825,010.\nThe Company intends to use the net proceeds of the Offering to continue the development of its clinical program aimed at bringing novel drugs and treatments to patients and their healthcare providers, and for working capital and general corporate purposes.\nThe Offering will be completed by way of a short form prospectus to be filed in all provinces of Canada and on a private placement basis in the United States pursuant to exemptions from the registration requirements of the United ...