/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
ORLEANS, ON, July 12, 2019 /CNW Telbec/ - Tetra
Bio-Pharma Inc. ("Tetra" or
the "Corporation") a clinical-stage biopharmaceutical
corporation with its primary focus in cannabinoid‑based drug
discovery and development (TSXV: TBP) (OTCQB: TBPMF), is
pleased to announce it has closed its previously announced short
form prospectus offering of units of the Corporation, including the
exercise in full of the Agents' (as defined below) over-allotment
option. A total of 26,833,332 units (the "Units") of the
Corporation were sold at a price of $0.30 per Unit, for aggregate gross proceeds of
approximately $8,050,000 (the
"Offering").
Each Unit consisted of one common share (a "Common
Share") in the capital of the Corporation and one Common Share
purchase warrant (a "Warrant") of the Corporation. Each
Warrant entitles the holder thereof to acquire one Common Share by
paying an exercise price of $0.40 for
a period of 36 months from the date of closing of the Offering.
The Offering was conducted by a syndicate of agents led by
Echelon Wealth Partners Inc. and including Paradigm Capital Inc.
(collectively the "Agents") on a commercially
reasonable best efforts basis. In consideration of the services
provided in connection with the Offering, Tetra paid the Agents a
cash fee equivalent to 7% of the gross proceeds from the Offering
(which was reduced to 2% in respect of "President's List"
subscribers) in addition to 1,654,078 agents' warrants, each
of which entitles the holder thereof to acquire one Common Share by
paying an exercise price of $0.40 for
a period of 24 months from the date of closing of the Offering.
The TSX Venture Exchange has conditionally approved the listing
of the Warrants issued pursuant to the Offering, subject to
fulfillment of standard listing conditions. If listed, the Warrants
are expected to commence trading on or about July 16, 2019 under the symbol "TBP.WT.A".
The Corporation intends to use the net proceeds from the
Offering primarily to continue the development of its clinical
program, including Phase 3 clinical trial expenses,
manufacturing and other expenses related to PPP011. The Corporation
also intends to use the net proceeds from the Offering for the
development of products of Panag Pharma Inc., the
Corporation's wholly owned subsidiary and for working capital and
general corporate purposes. In addition, the Corporation
intends to use the net proceeds from the Offering for optimizing
the manufacturing process related to PPP002, for toxicology
relating to PPP003, for API manufacturing (HU-308) related to
PPP003 and for commercializing the hemp energy drink product
of its wholly-owned subsidiary, Tetra Natural Health Inc.
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 (TSX-V: TBP) (OTCQB:
TBPMF) is a clinical stage biopharmaceutical corporation with its
primary focus in cannabinoid-based drug discovery and development
with a clinical trial program aimed at bringing novel drugs and
treatments to patients and their healthcare providers. Tetra's
subsidiary, Tetra Natural Health Inc., also focuses on the
development and commercialization of natural health and self-care
products as well as the sale of its hemp energy drinks.
For more information visit: www.tetrabiopharma.com and
www.tetranaturalhealth.com
Source: Tetra Bio-Pharma
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 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 Corporation believes, expects or
anticipates will or may occur in the future (including, without
limitation, statements relating to the Offering generally, the use
of proceeds of the Offering and the listing and trading of the
Warrants on the TSX Venture Exchange) 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 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, the risk
that the Corporation may apply the proceeds of the Offering
differently than as stated herein depending on future circumstances
and other risks disclosed in the Corporation's public disclosure
record on file with the relevant securities regulatory authorities.
Reference is also made to the risks and uncertainties disclosed
under the heading "Risk Factors" of the annual information form of
the Corporation dated June 18, 2019
and of the short form prospectus, both available under the
Corporation's profile on www.sedar.com. 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. 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.
SOURCE Tetra Bio-Pharma Inc