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TerrAscend Announces US$30 Million Non-Brokered Private Placement with Indicative Lead Orders of Approximately US$28 Million
TerrAscend Announces US$30 Million Non-Brokered Private Placement with Indicative Lead Ord...
About this update from Terrascend Corp.
[{"type":"text","content":"\n\n\n\nTerrAscend Announces US$30 Million Non-Brokered Private Placement with Indicative Lead Orders of Approximately US$28 Million\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nNEW YORK and TORONTO, May 19, 2020\n\n\n\n-   CAPEX fully funded to complete all planned strategic growth projects\n NEW YORK and TORONTO, May 19, 2020 /CNW/ - TerrAscend Corp. (\"TerrAscend\" or the \"Company\") (CSE: TER, OTCQX: TRSSF), a leading North American cannabis operator, today announced a non-brokered private placement for gross proceeds of approximately US$30.0 million (\"the \"Offering\"), with the ability, at the Company's discretion, to upsize the amount of the Offering to aggregate gross proceeds of between US$35.0 and US$40.0 million. The Company has received initial investor commitments totaling US$28.0 million, including a US$20.0 million lead order from JW Asset Management LLC (\"JW Asset Management\") which is expected to close on or about May 21, 2020, subject to customary closing conditions.\nThe Company intends to use the proceeds from the Offering to fund TerrAscend's growth initiatives including its U.S. expansion strategy, capital expenditures, working capital, and general corporate purposes.\n\"This planned funding positions TerrAscend with a strong balance sheet that enables us to continue to build depth in the high-quality markets where we operate,\" said Jason Ackerman, CEO and Executive Chairman of TerrAscend. \"We are now fully funded to complete all of our CAPEX projects, which will fuel the growth of both the cultivation and dispensary sides of our business. We're fortunate to have developed a strong partnership with JW Asset Management and appreciate their support, and the support of the other investors, as we capitalize on the opportunities ahead.\" \nThe Offering consists of a number of units of the Company (each, a \"Unit\") issued at the price of $2,000 per Unit (the \"Purchase Price\"). Each Unit will be comprised of one convertible preferred share in the capital of t...