ORLEANS, Ontario, Nov. 30, 2018 (GLOBE NEWSWIRE) -- Tetra Bio-Pharma Inc (“Tetra” or “TBP”), (TSX VENTURE: TBP) (OTCQB: TBPMF), has closed a private placement of units (the “Private Placement”) with its strategic partner Aphria Inc. (“Aphria”) (TSX: APHA) (NYSE: APHA). Under the Private Placement, Tetra issued to Aphria (6,900,000) units (the “Units”), with each unit being comprised of one Class A common share of Tetra (a “Common Share”) and one Common Share purchase warrant (a “Warrant”), at a price of $1.03 per unit, which is the closing price of the Common Shares on the TSX Venture Exchange on November 28, 2018, for gross proceeds of $7,107,000. Each warrant will entitle Aphria to purchase one full common share at a price of $1.29 per Common Share for a period of 36 months expiring November 2021 subject to acceleration in certain circumstances. As part of the transaction, and in order for Aphria to attain 19.9%, Tetra Co-Founders, Andre Rancourt and Dr. Guy Chamberland, CEO and CSO of Tetra have agreed to sell 5 million shares each to Aphria. Following this sale Dr. Chamberland and Mr. Rancourt will continue to hold 5 million shares each as the company moves forward.
Dr. Guy Chamberland, CEO and CSO of Tetra Bio-Pharma stated, “Aphria has been a major strategic partner since the inception of Tetra. Their decision to substantially increase their holding in our company illustrates their confidence in our business model which is focused on taking a pharmaceutical pathway to the commercialization of cannabis and cannabinoid-derived products. The Aphria investment will enable Tetra to increase drug development activities, including in the USA, over the coming months. As for the sale of my shares to Aphria, this divestiture was done to accommodate Aphria and for personal tax and estate planning purposes following the sale of PhytoPain Pharma Inc., earlier this year. I continue to be one of the company’s major shareholders, and I am fully committed to executing Tetra’s business plan.”
“As a leader in the global cannabis industry, Aphria is committed to fostering the research, development and commercialization of medical cannabis treatments and applications with our valued strategic partners,” said Vic Neufeld, CEO of Aphria. “With this investment, we are pleased to deepen our long-standing relationship with Tetra Bio-Pharma as they pursue critical research and clinical trials with the potential to bring notable advances to cannabis and cannabinoid-derived pharmaceutical products.”
About Aphria Inc.
Aphria is a leading global cannabis company driven by an unrelenting commitment to our people, product quality, and innovation. Headquartered in Leamington, Ontario – the green house capital of Canada – Aphria has been setting the standard for the low-cost production of safe, clean, and pure pharmaceutical-grade cannabis at scale, grown in the most natural conditions possible. Focusing on untapped opportunities and backed by the latest technologies, Aphria is committed to bringing breakthrough innovation to the global cannabis market. The Company’s portfolio of brands is grounded in expertly-researched consumer insights designed to meet the needs of every consumer segment. Rooted in our founders’ multi-generational expertise in commercial agriculture, Aphria dries sustainable long-term shareholder value through a diversified approach to innovation, strategic partnerships, and global expansion, with a presence in more than 10 countries across 5 continents.
Aphria is a leading global cannabis company driven by an unrelenting commitment to our people, product quality, and innovation. Headquartered in Leamington, Ontario – the green house capital of Canada – Aphria has been setting the standard for the low-cost production of safe, clean, and pure pharmaceutical-grade cannabis at scale, grown in the most natural conditions possible. Focusing on untapped opportunities and backed by the latest technologies, Aphria is committed to bringing breakthrough innovation to the global cannabis market. The Company’s portfolio of brands is grounded in expertly-researched consumer insights designed to meet the needs of every consumer segment. Rooted in our founders’ multi-generational expertise in commercial agriculture, Aphria dries sustainable long-term shareholder value through a diversified approach to innovation, strategic partnerships, and global expansion, with a presence in more than 10 countries across 5 continents.
For more information, visit: www.aphria.ca
About Tetra Bio-PharmaTetra Bio-Pharma (TSX-V: TBP) (OTCQB: TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and development with a Health Canada approved, and FDA reviewed, clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. The Company has several subsidiaries engaged in the development of an advanced and growing pipeline of Bio Pharmaceuticals, Natural Health and Veterinary Products containing cannabis and other medicinal plant-based elements. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators, physicians and insurance companies.
For more information visit: www.tetrabiopharma.com
Source: Tetra Bio-Pharma
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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