Tetra Bio-Pharma Inc has raised $2 million in a private placement with Alumina Partners LLC. Formerly named GrowPros Cannabis Ventures Inc., Ottawa, Ontario-based Tetra Bio-Pharma is a consulting firm for the medicinal cannabis and hydroponic wholesale industry.
OTTAWA, ONTARIO–(Marketwired – Oct. 7, 2016) – Tetra Bio-Pharma Inc. (“Tetra” or the “Company”) (CSE:TBP)(CSE:TBP.CN)(OTCQB:GRP0F) is pleased to announce that, on October 5, 2016, the Company entered into a non-binding agreement for a draw-down equity facility of up to $2,000,0000. Each Offering will occur exclusively at the option of the Company, throughout the 18-month term of the agreement.
The agreement provides for equity private placement offerings, to be conducted between Tetra and Alumina Partners LLC (“Alumina Partners”), a New York-based private equity firm.
Pursuant to the terms of the Offerings, Alumina Partners will commit to purchase up to $2,000,0000 of units of the Company (the “Units”), consisting of one common share (the “Shares”) and one common share purchase warrant (the “Warrants”). The placement will be at a discount of 20% of the market price of the Shares. The exercise price of the Warrants will be at a 25% premium over the market price of the Shares. The closing of the transaction is anticipated later this month.
“We are very pleased to be entering into this agreement with Alumina Partners. The purpose of the Offerings is to provide the Company with working capital to fund various projects as deemed necessary by the Board of Directors of the Company”, commented Andre Rancourt, Interim Chief Executive Officer.
“Alumina is excited to continue investing in the Canadian regulated cannabis industry, and looks forward very much to seeing the kind of innovative applied biotherapeutics and endocannabinoid-mediated agents that have yet to be discovered or even imagined, and that pioneers like Tetra Bio-Pharma will take the lead in exploring,” said Adi Nahmani, Managing Member of Alumina Partners LLC.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.