Tetra Bio-Pharma Inc. Announces Second Closing of Funding with Alpha Blue Ocean – InsuranceNewsNet

Tetra Bio-Pharma Inc.a leader in cannabinoid drug discovery and development, today announced that the ComThe company has closed the second tranche of its previously announced financing agreement (the “Funding“) with Global Corporate Finance Opportunities 16 (the “Investor“), an investment vehicle advised by alpha blue ocean (“ABO“), pursuant to an amended and restated subscription agreement dated September 2, 2022 (there “Modified and updated Subscription contract“).

As part of the closing of the second tranche of the Financing, the Company issued to the Investor $400000 principal amount of the debentures (“Debentures“) and warrants to acquire 2,849,003 common shares at a price of $0.0351 per share (the “Mandates“). The debentures issued under the second tranche do not bear interest and will mature on October 26, 2023. The BSAs issued under the second tranche have an expiry dateohF October 26, 2025.

Pursuant to the amended and restated subscription agreement, the debentures issued under the first tranche and the second tranche of the financing are convertible into common shares of the Company (“Ordinary actions“) at a conversion price equal to eighty-five percent (85%) of the volume-weighted average trading price of the ordinary shares at the Toronto Stock Exchange rounded to two decimal places, for the five (5) trading days immediately preceding the conversion of the applicable Debentures into Common Shares, taking into account any adjustment made pursuant to the terms of the Debentures.

Each closing of a tranche of the Financing is subject to a certain number of conditions precedent. There is no guarantee that the Company will be able to satisfy all the conditions precedent for a particular tranche. Accordingly, the actual proceeds the Company will receive under the terms of the Amended and Restated Subscription Agreement cannot be readily determined at this time.

The securities described herein have not been and will not be registered under United States securities law or any state securities law and, accordingly, may not be offered or sold in United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S of the U.S. Securities Act), except in compliance with the registration requirements of the U.S. Securities Act and applicable securities requirements of States or under exemptions therefrom. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in United Statesand there will be no sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The Toronto Stock Exchange has not approved the contents of this press release. Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

About:

Tetra Bio-Pharma is a leader in cannabinoid-derived drug discovery and development with an FDA and Health Canada approved clinical program aimed at bringing new prescription drugs and treatments to patients and their healthcare providers. health. Tetra’s evidence-based scientific approach has allowed them to develop a pipeline of cannabinoid drug products for a range of medical conditions, including pain, inflammation and oncology. With patients at the heart of what they do, Tetra is focused on providing the rigorous scientific validation and safety data required for inclusion in the existing biopharmaceutical industry by regulators, physicians and insurance companies. .

For more information visit: www.tetrabiopharma.com.