/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
OTTAWA, May 22, 2020 /CNW Telbec/ - Tetra Bio-Pharma
Inc. ("Tetra" or the "Corporation")
(TSXV: TBP) (OTCQB: TBPMF), a leader in cannabinoid-derived drug
discovery and development, is pleased to announce it has closed its
previously announced public overnight marketed offering of units
(the "Units") of the Corporation, including the partial
exercise of the Agents' (as defined below) over-allotment option. A
total of 35,191,000 Units of the Corporation were sold at a price
of $0.26 per Unit, for aggregate
gross proceeds of $9,149,660 (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 $0.32 for
a period of 36 months from the date of closing of the Offering.
The Offering was led by Raymond James Ltd. and Canaccord Genuity
Corp. and included Echelon Wealth Partners Inc. (collectively
the "Agents").
The Offering was completed pursuant to the Corporation's
Canadian base shelf prospectus dated April
1, 2020 (the "Base Shelf Prospectus"). A prospectus
supplement (the "Prospectus Supplement") dated May 19, 2020 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
Corporation's profile on SEDAR at www.sedar.com.
The Corporation intends to use the net proceeds of the Offering
to continue the development of its clinical program, including
Phase 2 and phase 3 clinical trials, toxicology, regulatory and
manufacturing expenses related to QIXLEEF⢠(PPP001).
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 development with a Health Canada approved, and
FDA reviewed, clinical program aimed at bringing novel prescription
drugs and treatments to patients and their healthcare providers.
The Corporation has several subsidiaries engaged in the development
of an advanced and growing pipeline of Bio Pharmaceuticals, Natural
Health and Veterinary Products containing cannabis and other
medicinal plant-based elements. 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
bio pharma industry by regulators, physicians and insurance
companies.
For more information visit: www.tetrabiopharma.com and
www.tetranaturalhealth.com
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
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 the use of the proceeds of the Offering
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, the inability of the
Corporation 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 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
Corporation's public disclosure record on le 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. 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.