/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
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.
Each 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.
The 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.
The 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 capital or business
development.
The securities mentioned herein have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act") or any U.S. state securities laws and
may not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the U.S. Securities Act and
applicable U.S. state securities laws.
This press release does not constitute an offer to sell or a
solicitation of any offer to buy the securities in the United States, in any province or
territory of Canada or in any
other jurisdiction. There shall be no sale of the securities in any
jurisdiction in which an offer to sell, a solicitation of an offer
to buy or sale would be unlawful.
About Tetra Bio-Pharma:
Tetra Bio-Pharma (TSX: TBP)
(OTCQB: TBPMF) (FRA:JAM1), is a leader in cannabinoid-derived drug
discovery and development with a FDA and a Health Canada cleared
clinical program aimed at bringing novel prescription drugs and
treatments to patients and their healthcare providers. Our
evidence-based scientific approach has enabled us to develop a
pipeline of cannabinoid-based drug products for a range of medical
conditions, including pain, inflammation and oncology. With
patients at the core of what we do, Tetra Bio-Pharma is focused on
providing rigorous scientific validation and safety data required
for inclusion into the existing biopharma industry by regulators,
physicians and insurance companies.
For more information visit: www.tetrabiopharma.com.
Neither the Toronto Stock Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Toronto Stock Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking statements
Some statements in this
news release may contain forward-looking information. All
statements, other than of historical fact, that address activities,
events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without
limitation, statements regarding the expected use of the proceeds
of the Offering by the Company) are forward-looking statements.
Forward-looking statements are generally identifiable by use of the
words "may", "will", "should", "continue", "expect", "anticipate",
"estimate", "believe", "intend", "plan" or "project" or the
negative of these words or other variations on these words or
comparable terminology. Forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the
Company's ability to control or predict, that may cause the actual
results of the Company to differ materially from those discussed in
the forward-looking statements. Factors that could cause actual
results or events to differ materially from current expectations
include, among other things, without limitation, the inability of
the Company to obtain sufficient financing to execute the Company's
business plan; competition; regulation and anticipated and
unanticipated costs and delays, the success of the Company's
research and development strategies, including the success of this
product or any other product, the applicability of the discoveries
made therein, the successful and timely completion and
uncertainties related to the regulatory process, the timing of
clinical trials, the timing and outcomes of regulatory or
intellectual property decisions and other risks disclosed in the
Company's public disclosure record on file with the relevant
securities regulatory authorities. Although the Company has
attempted to identify important factors that could cause actual
results or events to differ materially from those described in
forward-looking statements, there may be other factors that cause
results or events not to be as anticipated, estimated or intended.
Readers should not place undue reliance on forward-looking
statements. The forward-looking statements included in this news
release are made as of the date of this news release and the
Company does not undertake an obligation to publicly update such
forward-looking statements to reflect new information, subsequent
events or otherwise unless required by applicable securities
legislation.
SOURCE Tetra Bio-Pharma Inc.