Tetra Bio-Pharma Inc. secures $6M in financing from Alpha Blue Ocean
by CM Staff
The Investor has agreed to subscribe for up to $6,000,000 aggregate principal amount of Debentures and accompanying Warrants.
OTTAWA — Tetra Bio-Pharma Inc., a cannabinoid-based drug manufacturer, announced that it has entered into a subscription agreement with Global Corporate Finance Opportunities 16, an investment vehicle advised by Alpha Blue Ocean Inc., whereby Tetra has agreed to issue to the Investor (i) senior unsecured convertible debentures in the aggregate principal amount of up to $6,000,000, and (ii) warrants to purchase common shares in the capital of the Company.
Created in 2017, ABO is involved in alternative financings, providing financing solutions for companies across the globe. ABO, founded by Pierre Vannineuse, has reportedly executed more than €1.5 billion in financial commitments and more than 90 transactions, with a high focus on the life science sector.
“The Company is pleased to announce our financing agreement with Alpha Blue Ocean,” says Guy Chamberland, CEO of Tetra. “This agreement gives us capital to fund our operations and further pursue the development of our drug candidates”.
“We are excited to partner with Tetra, a leader in cannabinoid-based drug discovery and development,” says Amine Nedjai, CEO of ABO. “This financing agreement, ABO’s first on the TSX, will provide funds for the Tetra team to accelerate its drug development pipeline.”
The Investor has agreed to subscribe for up to $6,000,000 aggregate principal amount of Debentures and accompanying Warrants. The Debentures will be convertible into, and the Warrants will be exercisable for, Common Shares, at prices to be determined at each closing of the 15 separate tranches pursuant to which the Debentures and accompanying Warrants are issuable.