Tetra Bio-Pharma Announces Closing of Bought Deal Financing
March 05 2018 - 10:24AM
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES
Tetra Bio-Pharma Inc. (“
Tetra” or
the “
Corporation”) (TSX-V:TBP) (OTCQB:TBPMF),
is pleased to announce it has closed its short form prospectus
offering, on a bought deal basis, including the exercise in full of
the underwriter's over-allotment option. A total of 11,500,000
units (the “
Units”) of the Corporation were sold
at a price of $1.00 per Unit, for aggregate gross proceeds of
$11,500,00 (the “
Offering”).
Each Unit consisted of one common share of the
Corporation and one common share purchase warrant. Each Warrant
will entitle the holder thereof to purchase one common share of the
Corporation at a price of $1.30 until March 5, 2021. The Offering
was underwritten by Echelon Wealth Partners Inc.
The Corporation intends to use the net proceeds
from the Offering to continue the development of its clinical
program aimed at bringing novel drugs and treatments to patients
and their healthcare providers, to repay indebtedness of the
Corporation, and for working capital and general corporate
purposes.
“We are extremely pleased to have worked with
Echelon Wealth Partners in this financing . As we are about to
initiate our Health Canada approved phase 3 registration trial for
our lead drug candidate, PPP001, for late stage cancer patients,
the proceeds from this Offering will enable Tetra to continue, and
potentially accelerate some of the key development projects in our
pipeline. This is another milestone in working towards
becoming the first biopharmaceutical company in the world to get a
smokable dried cannabis product approved as a prescription drug
by Health Canada, the FDA and other regulatory
agencies around the world," stated Bernard Fortier, CEO
of Tetra.
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-V:TBP) (OTCQB:TBPMF) is a biopharmaceutical leader
in cannabinoid-based drug discovery and clinical development. Tetra
is focusing on three core business pillars: clinical research,
pharmaceutical promotion and retail commercialization of
cannabinoid-based products.
More information at: www.tetrabiopharma.comSource: Tetra
Bio-Pharma
For further information, please contact Tetra
Bio-Pharma Inc.Bernard Lessard, MBA, CPA,
CMA
Chief Financial
Officer
bernard.lessard@tetrabiopharma.com438 899 7575 ext.207
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-looking statementsSome
statements in this release may contain forward-looking information.
All statements, other than of historical fact, that address
activities, events or developments that the Corporation believes,
expects or anticipates will or may occur in the future (including,
without limitation, statements regarding potential acquisitions and
financings) 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 Corporation's ability
to control or predict, that may cause the actual results of the
Corporation 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, failure to obtain
sufficient financing to execute the Corporation’s business plan;
competition; regulation and anticipated and unanticipated costs and
delays, the success of the Corporation’s research strategies, 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 Corporation's public disclosure record on file
with the relevant securities regulatory authorities. Although the
Corporation 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. While no definitive documentation has
yet been signed by the parties and there is no certainty that such
documentation will be signed The forward-looking statements
included in this news release are made as of the date of this news
release and the Corporation 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.
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