Business
Tetra Bio-Pharma Inc. Announces Revised Terms and First Closing of Financing with Alpha Blue Ocean
Tetra Bio-Pharma Inc. Announces Revised Terms and First Closing of Financing with Alpha Blue Ocean.
About this update from Tetra Bio-pharma Inc.
[{"type":"text","content":"\n\n\n\nTetra Bio-Pharma Inc. Announces Revised Terms and First Closing of Financing with Alpha Blue Ocean\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 Inc. Announces Revised Terms and First Closing of Financing with Alpha Blue Ocean\nPR Newswire\nOTTAWA, ON, Sept. 8, 2022\n\n\n\nOTTAWA, ON, Sept. 8, 2022 /PRNewswire/ - Tetra Bio-Pharma Inc. (\"Tetra\" or the \"Company\") (TSX: TBP) (OTCQB: TBPMF) (FRA: JAM1), a leader in cannabinoid-based drug discovery and development, announced today that the Company has revised the terms of its previously announced financing arrangement (the \"Financing\") with Global Corporate Finance Opportunities 16 (the \"Investor\"), an investment vehicle advised by Alpha Blue Ocean (\"ABO\"), and has closed the first tranche of the Financing on such revised terms, the whole pursuant to the terms of an amended and restated subscription agreement dated September 2, 2022 (the \"Amended and Restated Subscription Agreement\").\n\n \n \n \n \n \n \n\n \nPursuant to the terms of the Amended and Restated Subscription Agreement, the Investor has now agreed to purchase up to $10,000,000 aggregate principal amount of convertible debentures (\"Debentures\") instead of up to $6,000,000 principal amount of Debentures as initially agreed upon. In addition, the Company has agreed to a revised fee structure, whereby the Company has paid to the Investor a commitment fee equal to 8% of the total commitment of the Investor, paid as to 3% through the issuance of $300,000 principal amount of Debentures (the \"Commitment Debentures\") and as to 5% through the issuance of 7,776,050 common shares having an aggregate value of $500,000 (the \"Commitment Shares\"). The terms of the Financing announced on August 11, 2022 otherwise remain unchanged in all material respects.\nAs part of the closing of the first tranche of the Financing, the Company issued to the Investor (i) $400,000 principal amount of Debentures, (ii) the Commitment Debentures, (iii) the Commitment Shares, and (iv) warrants to acquire 1,196,172 common shares at a pri...