Tetra Bio-Pharma Inc (TSE:TBP) (OTCQB:TBPMF) (FRA:JAM1) announced that Echelon Wealth Partners Inc and a syndicate of underwriters have fully exercised the overallotment option on the company’s previously announced C$10 million financing, adding an additional $1.5 million in gross proceeds.
The company issued an additional 3.75 million units, each consisting of a common share and a purchase warrant exercisable at C$0.51 for two years.
The company intends to use net proceeds from the overallotment option for general corporate purposes, including working capital or business development.
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The original offering consisted of 25 million units priced at C$0.40 per unit. 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 previous statement.
Tetra Bio-Pharma is a leader in cannabinoid-derived drug discovery and development with a Food and Drug Administration (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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