Business
TerrAscend Provides Update and Closing Details for its Oversubscribed US$20 Million Private Placement
TerrAscend Provides Update and Closing Details for its Oversubscribed US$20 Million Privat...
About this update from Terrascend Corp.
[{"type":"text","content":"\n\n\n\nTerrAscend Provides Update and Closing Details for its Oversubscribed US$20 Million 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 30, 2019\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/\nDeal is upsized to US$30 million based on strong investor demand Initial tranche of approximately US$24 million closed today; final (fully subscribed) tranche to close on January 7 TORONTO, Dec. 30, 2019 /CNW/ - TerrAscend Corp. (CSE:TER) (\"TerrAscend\" or the \"Company\"), the first and only global cannabis company licensed for sales in Canada, the US, and the EU, today announced that its previously announced private placement (the \"Private Placement\") generated strong investor interest and oversubscribed demand. Correspondingly, the Company has increased the offering size to approximately US$30 million which has been fully allocated and is anticipated to close in two tranches.   \n\n \n \n\n \nToday the Company closed the first tranche of the Private Placement, issuing 12,968,325 Units at an issue price of CAD$2.45 per Unit resulting in proceeds to the Company of CAD$31,772,412.   Each Unit consists of one common share in the capital of the Company (the \"Common Shares\") and one Common Share purchase warrant (a \"Warrant\"). Each Warrant will be exercisable to acquire one Common Share (a \"Warrant Share\") prior to January 14, 2022 at an exercise price of CAD$3.25 per Warrant Share.  \nThe Company has received subscriptions for the entire US$30 million, including significant participation from Chairman Jason Wild, Executive Chairman Jason Ackerman, and all of the Company's additional directors.  Subject to the satisfaction of customary closing conditions, including the approval of the Canadian Securities Exchange, the final tranche of the Private Placement is expected to close on January 7.  \nThe Company intends to use the proceeds from the Private Placement to accelerate the completion of the New Jersey cultiv...