/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
OTTAWA, ON, March 2, 2021 /CNW Telbec/ - Tetra
Bio-Pharma Inc. ("Tetra" or
the "Company") (TSX: TBP) (OTCQB: TBPMF), a
biopharmaceutical pioneer in immunomodulator drug discovery and
development, is pleased to announce it has closed its previously
announced bought-deal public offering of units (the "Units")
of the Company. A total of 65,550,000 Units of the Company
(including the exercise in full of the over-allotment option
granted to the Underwriters by the Company) were sold at a price of
$0.22 per Unit, for aggregate gross
proceeds to the Company of $14,421,000 (the "Offering"). The
Offering was led by Canaccord Genuity Corp. and Leede Jones Gable
Inc. (together, the "Underwriters").
Each Unit consisted 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 $0.28 for a
period of 36 months from the date of closing of the Offering.
The Toronto Stock Exchange has conditionally approved the
listing of: (i) the Common Shares and the Warrants issued pursuant
to the Offering, and (ii) the Common Shares issuable upon the
exercise of the Warrants and the compensation warrants issued to
the Underwriters in connection with the Offering. Listing will be
subject to the Company fulfilling all of the listing requirements
of the Toronto Stock Exchange. The Company expects the Warrants to
commence trading on or about March 2,
2021.
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 February 24, 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 of the Offering to
fund the Company's drug development program, potential acquisitions
and growth opportunities, as well as working capital and general
corporate purposes.
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), is a biopharmaceutical pioneer in immunomodulator
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.
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
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, and 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.