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TerrAscend Provides Update and Closing Details for its Oversubscribed US$37 Million Non-Brokered Private Placement
TerrAscend Provides Update and Closing Details for its Oversubscribed US$37 Million Non-Br...
About this update from Terrascend Corp.
[{"type":"text","content":"\n\n\n\nTerrAscend Provides Update and Closing Details for its Oversubscribed US$37 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nNEW YORK and TORONTO, May 29, 2020\n\n\n\n-- Deal upsized to US$37 million from US$30 million, based on strong investor demand\n NEW YORK and TORONTO, May 29, 2020 /CNW/ - TerrAscend Corp. (\"TerrAscend\" or the \"Company\") (CSE:TER, OTCQX: TRSSF), a leading North American cannabis operator, today provided an update regarding its previously announced US$30.0 million non-brokered private placement (the \"Offering\").  As a result of strong investor demand, the Company has upsized the offering to approximately US$37.0 million, which was oversubscribed and has been fully allocated. TerrAscend closed the second tranche of the Offering on May 28, 2020, issuing 3,561 Units at an issue price of US$2,000 per Unit resulting in proceeds to the Company of US$7.1 million. Subject to the satisfaction of customary closing conditions, the Company currently anticipates a final closing of approximately US$2.7 million on or around June 5, 2020.\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 for a period of 36 months 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.\nFor further details concerning the Offering, please refer to the Company's news release dated May 19, 2020.\nThe securities to be issued pursuant to the Offerings have not been and will not...