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TerrAscend and Canopy Rivers Amend Terms of Loan to Comply with TSX Policies
TerrAscend and Canopy Rivers Amend Terms of Loan to Comply with TSX Policies Canad...
About this update from Terrascend Corp.
[{"type":"text","content":"\n\n\n\nTerrAscend and Canopy Rivers Amend Terms of Loan to Comply with TSX Policies\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Feb. 5, 2020\n\n\n\nTORONTO, Feb. 5, 2020 /CNW/ - TerrAscend Corp. (CSE: TER; OTCQX: TRSSF) (\"TerrAscend\" or the \"Company\"), the first global cannabis company licensed for sales in the U.S., Canada, and the EU, announced today that the terms of its previously announced US$10 million loan (the \"Loan\") from Canopy Rivers Corporation (\"Canopy Rivers\"), a wholly-owned subsidiary of Canopy Rivers Inc. (TSX: RIV, OTC: CNPOF), to TerrAscend Canada Inc. (\"TerrAscend Canada\"), a wholly-owned subsidiary of TerrAscend, have been amended. \n\n \n \n\n \nThe original terms of the Loan were announced on October 2, 2019 and included the purchase of 13,243 units, with each unit consisting of (i) one unsecured convertible debenture of TerrAscend Canada with a principal amount of C$1,000 (the \"Debentures\"), and (ii) 25.2 common share purchase warrants of TerrAscend (the \"Original Warrants\") with an exercise price of C$6.49.  \nAfter the October 2, 2019 announcement of the Loan and subsequent discussions with the Toronto Stock Exchange (the \"TSX\"), TerrAscend, TerrAscend Canada, and Canopy Rivers mutually agreed to amend certain terms of the Loan.\nPursuant to the amended terms, the Debentures have been converted into a C$13,243,000 loan agreement (the \"Loan Agreement\") entered into between Canopy Rivers and TerrAscend Canada. Pursuant to the Loan Agreement, interest on the principal amount outstanding will accrue at a rate of 6% per annum, and all interest payments are payable in cash by TerrAscend Canada. The principal amount under the Loan Agreement matures on October 2, 2024 or such earlier date in accordance with the terms of the Loan Agreement. \nTerrAscend has also issued Canopy Rivers 2,225,714 common share purchase warrants of TerrAscend (the \"Warrants\"), exercisable upon the occurrence of certain events (each such event, a \"Triggering Event\"), including (i) the federal laws in the United States ...