Tetra Bio-Pharma Announces Closing of Public Offering

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

OTTAWA, May 22, 2020 /CNW Telbec/ - Tetra Bio-Pharma Inc. ("Tetra" or the "Corporation") (TSXV: TBP) (OTCQB: TBPMF), a leader in cannabinoid-derived drug discovery and development, is pleased to announce it has closed its previously announced public overnight marketed offering of units (the "Units") of the Corporation, including the partial exercise of the Agents' (as defined below) over-allotment option. A total of 35,191,000 Units of the Corporation were sold at a price of $0.26 per Unit, for aggregate gross proceeds of $9,149,660 (the "Offering").

Each Unit consisted of one common share (a "Common Share") in the capital of the Corporation and one Common Share purchase warrant (a "Warrant") of the Corporation. Each Warrant entitles the holder thereof to acquire one Common Share by paying an exercise price of $0.32 for a period of 36 months from the date of closing of the Offering.

The Offering was led by Raymond James Ltd. and Canaccord Genuity Corp. and included Echelon Wealth Partners Inc. (collectively the "Agents").

The Offering was completed pursuant to the Corporation's Canadian base shelf prospectus dated April 1, 2020 (the "Base Shelf Prospectus"). A prospectus supplement (the "Prospectus Supplement") dated May 19, 2020 relating to the Offering was filed in each of the provinces of Canada. Copies of the Prospectus Supplement and accompanying Base Shelf Prospectus are available under the Corporation's profile on SEDAR at www.sedar.com.

The Corporation 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 securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

This press release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or sale would be unlawful.

About Tetra Bio-Pharma:
Tetra Bio-Pharma (TSX-V:TBP) (OTCQB:TBPMF) is a biopharmaceutical leader in cannabinoid based drug discovery and development with a Health Canada approved, and FDA reviewed, clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. The Corporation has several subsidiaries engaged in the development of an advanced and growing pipeline of Bio Pharmaceuticals, Natural Health and Veterinary Products containing cannabis and other medicinal plant-based elements. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators, physicians and insurance companies.

For more information visit: www.tetrabiopharma.com and www.tetranaturalhealth.com 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements
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 Corporation believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the use of the proceeds of the Offering 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 Corporation's ability to control or predict, that may cause the actual results of the Corporation 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 Corporation to obtain sufficient financing to execute the Corporation's business plan; competition; regulation and anticipated and unanticipated costs and delays, the success of the Corporation's research and development strategies, including the success of this product or any other product, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, the timing of clinical trials, the timing and outcomes of regulatory or intellectual property decisions and other risks disclosed in the Corporation's public disclosure record on le with the relevant securities regulatory authorities. Although the Corporation 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 Corporation 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.

SOURCE Tetra Bio-Pharma Inc.

Tetra Bio-Pharma Inc.: Investor Contact: Alpha Bronze, LLC, Mr. Pascal Nigen, Phone: + 1 [phone], [email protected]; Media Contact: energi PR, Ms. Carol Levine, APR, FCPRS, Phone: + 1 [phone] ext. 226, Mobile: + 1 [phone], [email protected]

Related Links

https://tetrabiopharma.com/