CA - Tetra secures up to C$6M financing for drug development debt repayment
- Tetra Bio-Pharma ( OTCQB:TBPMF ) said it signed a subscription agreement with Global Corporate Finance Opportunities 16, an investment vehicle advised by Alpha Blue Ocean (ABO).
- Under the agreement, Tetra has agreed to issue to the investor senior unsecured convertible debentures of up to C$6M, and warrants to buy common shares of the company (collectively, the "offering").
- The company said the warrants will be exercisable for, common shares, at prices to be determined at each closing of the 15 separate tranches.
- Tetra said it intends to use the net proceeds to finance the manufacturing costs of its drug candidate Qixleef, to repay debt and for working capital.
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Tetra secures up to C$6M financing for drug development, debt repayment