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.