Tetra Bio-Pharma has closed the second tranche of its previously announced financing arrangement with Global Corporate Finance Opportunities 16, an investment vehicle advised by Alpha Blue Ocean.
As part of the closing of the second tranche of the financing, Tetra Bio-Pharma issued to the Investor $400,000 principal amount of debentures and warrants to acquire 2,849,003 common shares at a price of $0.0351 per share.
The debentures issued as part of the second tranche do not bear interest and will mature on October 26, 2023, and the warrants issued as part of the second tranche have an expiry date of October 26, 2025.
Under the amendment and restated subscription agreement, the debentures issued upon the first tranche and second tranche of the financing are convertible into common shares of the company (common shares) at a conversion price equal to 85% of the volume-weighted average price of the Common Shares on the Toronto Stock Exchange.
Each closing of a tranche of the financing is subject to a number of conditions precedent, and there is no guarantee that the company will be able to meet all of the conditions precedent for a particular tranche. The actual proceeds that the company will receive under the terms of the amended and restated subscription agreement cannot be readily determined at this time.
The company has confirmed that the securities have not been, and will not be, registered under the U.S. Securities Act or any state securities laws, and accordingly, may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions.