/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR
FOR DISSEMINATION IN THE UNITED
STATES/
TORONTO, May 10, 2021 /CNW/ - Tetra Bio-Pharma Inc.
(TSX: TBP) (OTCQB: TBPMF) (FSE:JAM1 ) ("Tetra" or the
"Company") is pleased to announce that it has entered into
an agreement with a syndicate of underwriters led by Echelon Wealth
Partners Inc. (the "Underwriters") pursuant to which the
Underwriters have agreed to purchase 25,000,000
units (the "Units") from the treasury of
the Company, at a price of $0.40 per
Unit (the "Issue Price") and offer them to the public by way
of prospectus supplement for total gross proceeds of $10 million (the "Offering"). Each Unit
will consist of one common share of the Company (each a "Common
Share") and one common share purchase warrant (each full
warrant, a "Warrant" and collectively the
"Warrants"). Each whole Warrant shall entitle the holder
thereof to acquire one Common Share for an exercise price of
$0.51 and for a period of 24 months
following the Closing Date.
The Company has granted the Underwriters an option to purchase
up to an additional 15% of the Units at the Issue Price. The
Over-Allotment Option may be exercised in whole or in part to
purchase Units as determined by the Underwriters upon written
notice to the Company at any time up to 30 days following the
Closing Date (the "Over-Allotment Option").
The Company intends to use the net proceeds of the
Offering for clinical trials, working capital and general
corporate purposes.
The Offering will be completed (i) by way of a prospectus
supplement to the bases shelf prospectus of the Company dated
April 1, 2020 to be filed in all
of the provinces and territories of Canada, except Quebec, (ii) on a private placement basis
in the United States pursuant to
exemptions from the registration requirements of the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act") and (iii) outside Canada and the
United States on a basis which does not require the
qualification or registration of any of the Company's securities
under domestic or foreign securities laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of securities in the United States. The securities have not
been and will not be registered under the U.S. Securities Act or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
The Offering is expected to close on or about May 17th 2021, or such other date as
the Company and the Underwriters may agree, and is subject to
customary closing conditions, including the approval of the
securities regulatory authorities and the Toronto Stock
Exchange.
About
Tetra Bio-Pharma (TSX:TBP) (OTCQB:TBPMF)
(FRA:JAM1) is a leader in cannabinoid-derived drug discovery and
development with a FDA and a Health Canada cleared 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 TSX Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX 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 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.