Tetra Bio-Pharma Inc (TSE:TBP) (OTCQB:TBPMF) closed its previously announced bought-deal public offering raising C$10 million.
The offering consisted of 25 million units priced at $0.40 per unit and led by Echelon Wealth Partners Inc and a syndicate including Canaccord Genuity Corp and Leede Jones Gable Inc.
Proceeds from the offering will go towards the Ottawa-based company’s clinical trials, working capital and general corporate purposes, Tetra Bio-Pharma said in a statement.
READ: Tetra Bio-Pharma speeds up PLENITUDE clinical trial using its cannabis medicine QIXLEEF to treat cancer pain
Under the term sheet, each unit consisted of one share and one warrant exercisable at a price of $0.51 for a period of 24 months from the date of closing of the offering.
The Toronto Stock Exchange has conditionally approved the listing of the shares partially comprising the units and the common shares issuable upon the exercise of the warrants. Listing will be subject to Tetra Bio-Pharma fulfilling all of the listing requirements of the Toronto Stock Exchange.
Tetra Bio-Pharma 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.
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