OTTAWA, ON, Feb. 3, 2021 /CNW Telbec/ - Tetra Bio-Pharma Inc.
("Tetra Bio-Pharma" or the "Company") (TSX: TBP)
(OTCQB: TBPMF), a leader in cannabinoid-derived drug discovery and
development announced today the closing of its previously announced
non-brokered private placement (the "Offering") of units of
the Company (each, a "Unit"). A total of 11,085,064 Units
were issued by the Company at a price of C$0.17 per Unit for aggregate gross proceeds of
approximately C$1,885,000.
Each Unit consists of one common share of the Company (each, a
"Common Share") and one common share purchase warrant of the
Company (each, a "Warrant"). Each Warrant entitles the
holder thereof to acquire, on payment of C$0.21 to the Company, one common share of the
Company (each, a "Warrant Share"), subject to adjustment in
certain circumstances, for a period of 24 months, expiring on
February 3, 2023. The Warrants
are subject to acceleration, at the Company's discretion, in the
event the volume-weighted average closing price of the Common
Shares on the Toronto Stock Exchange is equal to or greater than
C$0.60 for a period of 10 consecutive
trading days.
The securities issued pursuant to the Offering are subject to a
four-month hold period expiring on June 4,
2021. The Offering and listing of the Common Shares and
Warrant Shares have been conditionally approved by the Toronto
Stock Exchange. The Offering remains subject to the receipt of
final approval of the Toronto Stock Exchange.
The Company intends to use the net proceeds of the Offering to
bridge its working capital and general corporate requirements to
further pursue its clinical trials and regulatory activities.
The securities described herein have not been, and will not be,
registered under the U.S. Securities Act or any state securities
laws, and accordingly, may not be offered or sold within
the United States except in
compliance with the registration requirements of the U.S.
Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities in the United States,
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
The Toronto Stock Exchange has not approved the contents of
this press release. 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.
About Tetra Bio-Pharma:
Tetra Bio-Pharma (TSX: TBP) (OTCQB: TBPMF), is a
biopharmaceutical leader in cannabinoid-based drug discovery and
development with a FDA and a Health Canada approved 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.
Forward-looking statements
Some statements in this release may contain forward-looking
information, including the use of proceeds of the Offering and
receipt of final approval of the Toronto Stock Exchange. 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 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 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.