Business
Tetra's Officers and Employees Participate in Private Placement
Tetra's Officers and Employees Participate in Private Placement.
About this update from Tetra Bio-pharma Inc.
[{"type":"text","content":"\n\n\n\nTetra's Officers and Employees Participate in Private Placement\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's Officers and Employees Participate in Private Placement\nCanada NewsWire\nORLEANS, ON, Aug. 2, 2019\n\n\n\nORLEANS, ON, Aug. 2, 2019 /CNW Telbec/ - Tetra Bio-Pharma Inc. (\"Tetra\" or the \"Corporation\") is pleased to announce that it has completed the non-brokered private placement offering (the \"Private Placement\") announced on July 30, in which some of the Corporation's directors, officers, consultants and employees, as well as certain of their associates, purchased an aggregate of 870,000 units (\"Units\") of the Corporation at a price of $0.30 per Unit for aggregate gross proceeds of $261,000.\nEach Unit issued in the Private Placement consists of one common share of the Corporation (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one Common Share at an exercise price of $0.40 per Common Share for a period of 36 months following the closing of the Private Placement.\nThe Corporation intends to use net proceeds of the Private Placement to continue the development of its clinical trials and for working capital purposes as stated in its final short form prospectus filed on July 8, 2019.\nCertain directors and senior officers of the Corporation or of its subsidiaries have subscribed for Units as part of the Private Placement. Their subscription as part of the Private Placement constituted a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and Policy 5.9 of the TSXV. Other than improving Tetra's working capital position and increasing the number of Common Shares held by directors, officers and employees, the Private Placement is not expected to have any effect on Tetra's business and affairs.\nThe Private Placement was completed in reliance on (i) an available exemption from the formal valuation requirement of MI 61-101 prov...