OTTAWA, ONTARIO--(Marketwired - Oct. 20, 2016) - Tetra Bio-Pharma Inc. ("Tetra Bio" or "the Company") (CSE:TBP)(CSE:TBP.CN) is conducting a non-brokered private placement of up to 5,000,000 units at a price of $0.15 per unit for aggregate gross proceeds of up to $750,000. 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 at a price of $0.20 for a period of 12 months following the closing date.
The private placement is expected to close no later than November 30, 2016.
The securities issued pursuant to the private placement will be subject to a four-month hold period from the closing date. The Company may pay a commission in connection with the private placement, subject to compliance with the policies of the Exchange. Completion of the private placement and the payment of any commissions remain subject to the receipt of all necessary regulatory approvals, including the approval of the Exchange.
The proceeds of the private placement will be used to initiate clinical trials.
In other News:
The Company has received $341,783 in exercised warrants from September to October 2016.
The Company also announces that in accordance with the Company's stock option plan and subject to the approval of the Canadian Securities Exchange, the Board of Directors granted an aggregate of 800,000 incentive stock options ("options") to directors of the Company. Each option, vesting immediately upon grant, entitles the holder thereof to purchase one common share in the capital of the Company at a price of $0.18 per share until October 19, 2021. The options and any common shares issued upon exercise thereof will be subject to a four month resale restriction from the date of grant.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
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, through its wholly-owned subsidiary, GrowPros MMP Inc., to obtain a licence for the production of medical marijuana; failure to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, 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.