Tetra Bio-Pharma Inc. (CVE:MZO), has formally announced that they intend to offer non-brokered private placement options of up to 5,000,000 units. Each unit will cost approximately $0.15. This totals out at a value worth $750,000.
Furthermore, each share issued will consist of one normal share, as well as one non-transferrable warrant. Furthermore, investors will be given a warrant, which will entitle them to purchase one common share at a price of $0.20. This warrant will be valid for a total of 12-months following the closing date.
Securities with regards to these shares
The company also disclosed that with regards to the securities will be subjected to a four-month hold. This will be enacted from the closing date. Furthermore, upon the release the company also announced that they would be entitled to pay a commission with regards to the private placement.
It was also stated that all recipient shares will remain subject to any relevant regulatory procedures. This includes the approval of the exchange between the investor and Tetra Bio-Pharma.
In order to promote investors willingness to invest into the company. Tetra Bio-Pharma announced that they would be using all of the proceeds gained from this directly towards the initiation of clinical trials.
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Further information regarding the stock of Tetra Bio-Pharma
Upon the announcement of this non-brokered private placement option, the company also announced that they had received a total of $341,783 in exercised warrants to date. This was initiated from September.
Tetra Bio-Pharma also announced that the company is working on providing directors of the company split 800,00 incentive stocks. Per share that each shareholder holds, the shareholder will be entitled to purchase one common share at a set price of $0.18 per share.
This period will last until October 19, 2021. After which, the options validity will terminate.
As with the common shares, any shares purchased by shareholders, will be restricted for a period of four months. This means that the shares cannot be resold until four months after the original date of the grant.
