- Tetra Bio-Pharma Inc. (TBP) revised the terms of its financing arrangement with Global Corporate Finance Opportunities 16, and has closed the first tranche
- The investor has agreed to purchase up to $10 million worth of convertible debentures
- A revised fee structure was also announced, but otherwise the terms of the financing remain unchanged
- Tetra Bio-Pharma will use the proceeds to finance the manufacturing costs of its QIXLEEF drug candidate, to repay debt, and for working capital
- Tetra Bio-Pharma Inc. (TBP) is unchanged trading at $0.06 per share as of 1:42 p.m. ET
Tetra Bio-Pharma (TBP) has revised the terms of its financing arrangement with Global Corporate Finance Opportunities 16 and has closed the first tranche.
According to the amended and restated subscription agreement, the company stated its investor has now agreed to purchase up to $10 million of convertible debentures instead of the initially agreed $6 million.
On top of this, Tetra Bio-Pharma has agreed to a revised fee structure, where it has paid the investor am 8.00 per cent commitment fee relative to the investor’s vested amount. This was partly paid by issuing $300,000 worth of debentures, and the remaining 5.00 per cent was paid by issuing 7.77 million common shares which are worth $500,000.
Otherwise, the terms of the financing announced last month remain unchanged.
The first tranche included the company issuing an additional $400,000 of debentures and warrants, which allowed the investor to acquire 1.19 million common shares for $0.0836 per share. The debentures have no interest and mature one year from now, and the warrants expire in September 2025.
Tetra Bio-Pharma shared it will use the net proceeds to finance the manufacturing costs of its QIXLEEF drug candidate, to repay debt, and for working capital.
Tetra Bio-Pharma Inc. (TBP) is unchanged trading at $0.06 per share as of 1:42 p.m. ET.