Ontario, Canada-based Tetra Bio-Pharma (TSX-V: TBP) (OTCQB: TBPMF), a biopharmaceutical multifaceted firm with its primary focus in cannabinoid‑based drug discovery and development, announced the pricing of its units offerings.
The offering will be conducted at a price of C$0.30 apiece. Each unit will consist of one common share in the capital of the corporation and one common share purchase warrant of the corporation.
Each warrant will entitle its holder to acquire one common share by paying an exercise price of C$0.40 for a period of 36 months from the date of closing the offering.
Last week, the company announced the offering of units for minimum gross proceeds of C$3.50 million and maximum gross proceeds of C$7.0 million.
Echelon Wealth Partners and Paradigm Capital are conducting the offering as the company’s agents in each of the provinces of Canada, except Québec.
The units may also be offered for sale in the U.S. on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended and applicable state laws, according to a company statement.
Closing of the offering is expected to occur on or about July 10.
The offering is subject to a number of conditions, including, without limitation, the entering into of a definitive agency agreement and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange.
Why Tetra Bio-Pharma Raising Money
If the minimum Offering size is completed, Tetra Bio-Pharma intends to use the net proceeds to: continue the development of its clinical program, including Phase 3 clinical trial expenses, manufacturing and other expenses related to PPP011; development of products of Panag Pharma, its subsidiary, in connection with its acquisition thereof; and for working capital and general corporate purposes.
If the maximum Offering size is completed, the company intends to use the net proceeds for, additionally, optimizing the manufacturing process related to PPP002; toxicology relating to PPP003; API manufacturing (HU-308) related to PPP003; and commercializing the hemp energy drink product of its subsidiary Tetra Natural Health.
Tetra Bio-Pharma Business
Tetra Bio-Pharma is focused on cannabinoid-based drug discovery and development with a clinical trial program.
Its initial focus is in the therapeutic areas of pain, ophthalmology and oncology through a robust pipeline using multiple delivery systems.
The company’s subsidiary Tetra Natural Health also focuses on the development and commercialization of natural health and self-care products as well as the sale of its hemp energy drinks.