On May 15, 2020 Tetra Bio-Pharma Inc. ("Tetra" or the "Company") (TSXV:TBP) (OTCQB:TBPMF), reported that, in connection with its previously announced overnight marketed offering, a syndicate of agents led by Raymond James Ltd. and Canaccord Genuity Corp. (collectively, the "Agents"), have agreed to sell 33,089,000 units ("Units") of the Company at a price of $0.26 per Unit (the "Issue Price") for aggregate gross proceeds of approximately $8.6 million (the "Offering") (Press release, Tetra Bio Pharma, MAY 15, 2020, View Source [SID1234561074]). Each Unit will consist of one common share in the capital of Tetra (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.32 for a period of 36 months from the closing date of the Offering.

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The Company has also granted the Agents an option (the "Over-Allotment Option") to sell up to an additional 15% of the Units sold under the Offering, at the Issue Price. The Over-Allotment Option may be exercised in whole or in part to purchase Common Shares, Warrants or Units as determined by the Agents upon written notice to the Company at any time up to 30 days following the closing date of the Offering.

The Offering is being conducted pursuant to the Company’s Canadian base shelf prospectus dated April 1, 2020 (the "Base Shelf Prospectus"). A prospectus supplement (the "Prospectus Supplement") relating to the Offering will be filed in each of the provinces of Canada. Copies of the Prospectus Supplement and accompanying Base Shelf Prospectus will be available under the Company’s profile on SEDAR at www.sedar.com.

The Company intends to use the net proceeds of the Offering to continue the development of its clinical program, including Phase 2 and phase 3 clinical trials, toxicology, regulatory and manufacturing expenses related to QIXLEEF (PPP001).

The Offering is expected to close on or about May 22, 2020, subject to customary closing conditions.

Closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.