Tetra Bio-Pharma Inc. TBPMF TBP announced Thursday it has completed bought deal financing, selling a total of 29.25 million corporation units at a price of CA$0.53 (40 cents) per unit for aggregate gross proceeds of CA$15.5 million ($11.6 million).
Echelon Wealth Partners Inc. led the offering and acted as an exclusive underwriter and book runner.
Each unit consisted of one common share and one common share purchase warrant, with each warrant granting the holder with the option to buy one common share at a price of CA$0.75 until Feb. 13, 2023, according to Tetra Bio-Pharma.
The company said it plans to use the capital to support further growth in its clinical program and for general corporate purposes.
Tetra Bio-Pharma is a cannabinoid-focused biopharmaceutical company that runs a Health Canada-approved clinical program designed to deliver new prescription drugs and treatment to patients.
Tetra Bio-Pharma shares were trading 2.93% higher at 33 cents at the time of publication Thursday.
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