Canada's Tetra Bio-Pharma Inc. closed a nonbrokered private placement of 4,292,000 units priced at C$1 each.
Each unit comprised 1 common share and 1 nontransferable warrant. Each warrant entitles the holder to buy 1 share for C$1.30 and is valid for 36 months or until March 28, 2021.
The cannabinoid-based drug developer raised about C$4.3 million through the placement.
Net proceeds will go toward its phase 3 trial of PPP001, a smokable bio-cannabis pharmaceutical, in addition to other studies.
The company will also use proceeds to repay debt, support commercial efforts, and fund general corporate and working capital purposes.