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.