/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
OTTAWA, March 5, 2020 /CNW/ - Tetra Bio-Pharma Inc.
("Tetra" or the "Corporation") (TSXV: TBP)
(OTCQB: TBPMF), is pleased to announce that, in connection with its
previously announced short form prospectus offering (the
"Offering") of units of the Corporation (the "Units")
for aggregate gross proceeds of $15,500,009, Echelon Wealth Partners Inc.
("Echelon"), who acted as sole underwriter and sole book
runner in connection with the Offering, has exercised its
over-allotment option in full, and an additional 4,386,795 Units
were issued today representing additional gross proceeds of
$2,325,001.35.
Each Unit consists of one common share of the Corporation (each,
a "Common Share") and one common share purchase warrant
(each, a "Warrant"), with each Warrant entitling the
holder thereof to purchase one Common Share at a price of
$0.75 until February 13, 2023.
On closing of the exercise of the over-allotment option, Echelon
was paid an additional commission comprised of a cash fee in the
amount of $162,750.09 and was issued
an aggregate of 307,075 Warrants. Each such Warrant is exercisable
for one Common Share at a price of $0.75 until February 13,
2023.
The Corporation intends to use the net proceeds from the
Offering to continue the development of its clinical program aimed
at bringing novel drugs and treatments to patients and their
healthcare providers, and for working capital and general corporate
purposes.
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 news 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 Company
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.
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 news release.
Forward-looking statements
Some statements in this
news 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.