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TerrAscend Closes Initial Tranche of US$30 Million Non-Brokered Private Placement
TerrAscend Closes Initial Tranche of US$30 Million Non-Brokered Private Placement ...
About this update from Terrascend Corp.
[{"type":"text","content":"\n\n\n\nTerrAscend Closes Initial Tranche of US$30 Million Non-Brokered Private Placement\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\nNEW YORK and TORONTO, May 25, 2020\n\n\n\nNEW YORK and TORONTO, May 25, 2020 /CNW/ - TerrAscend Corp. (\"TerrAscend\" or the \"Company\") (CSE:TER, OTCQX: TRSSF), a leading North American cannabis operator, today announced the closing of the first tranche of its previously announced non-brokered private placement (\"the Offering\"), issuing 13,646 Units at an issue price of US$2,000 per Unit resulting in proceeds to the Company of US$27.3 million.   \nEach noninterest-bearing Unit is comprised of one convertible preferred share in the capital of the Company (each, a \"Convertible Preferred Share\") and one convertible preferred share purchase warrant (each, a \"Warrant\"). The Convertible Preferred Shares convert to 1,000 common shares (for non-U.S. investors) at an issue price of US$2.00 per common share and the economic equivalent in proportionate voting shares (for U.S investors). Each Warrant will entitle the holder thereof to purchase one Convertible Preferred Share in the capital of the Company at an exercise price of US$3,000 per share, or the equivalent of US$3.00 per common share, as adjusted from time to time pursuant to the terms of the Warrants, at any time prior to 5:00 p.m. (Toronto time) on May 22, 2023.  \nSubject to the satisfaction of customary closing conditions, the Company currently anticipates a second closing of approximately USD$3.8mm on or around May 29, 2020. For further details concerning the Offering, please refer to the Company's news release dated May 19, 2020.\nAs previously announced, the initial closing included a US$20 million lead order from funds advised by JW Asset Management, LLC, affiliates of Mr. Jason Wild, Chairman of TerrAscend.  This investment may therefore constitute a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions (\"MI 61-101\"). TerrAscend r...