December 06, 2016 08:30 ET
OTTAWA, ONTARIO--(Marketwired - Dec. 6, 2016) - Tetra Bio-Pharma Inc. ("Tetra Bio" or "the Company") (CSE:TBP)(CSE:TBP.CN) and (OTC PINK:GRPOF) is conducting a non-brokered private placement with Aphria Inc. (TSX VENTURE:APH)(OTCQB:APHQF) of 5,000,000 units at a price of $0.20 per unit for aggregate gross proceeds of $1,000,000. Each unit will consist of one common share and one non-transferable warrant, with a whole warrant entitling the holder to purchase one common share of the Company at a price of $0.26 per share for a period of 3 years following the closing date. The warrants are subject to an accelerated expiry if the Company's shares trade above $0.45 for thirty (30) consecutive trading days then the warrants will expire in 30 days if not exercised.
The private placement closed on December 5, 2016.
Completion of the private placement is subject to the receipt of all necessary regulatory approvals, including the approval of the Exchange.
The securities issued pursuant to the private placement will be subject to a four-month hold period from the closing date.
The proceeds of the private placement will be used to initiate clinical trials in PhytoPain Pharma Inc.
"Obtaining an investment from one of Canada's leading cannabis producers re-enforces the value of the research and development being conducted by the science team at Tetra Bio-Pharma lead by Chief Science Officer, Dr. Guy Chamberland," commented Ryan Brown, Co-Founder/VP Business Development.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
Tetra Bio-Pharma Inc.Andre RancourtChief Executive OfficerTetra Bio-Pharma Inc.Ryan BrownVP Business Development and CommunicationsTetra Bio-Pharma Inc.André AudetExecutive ChairmanInvestors@tetrabiopharma.com(613) 421-8402
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