TORONTO, Jan. 13, 2020 /CNW/ – TerrAscend Corp. (CSE:TER;) (“TerrAscend” or the “Company”) has completed its previously announced upsized non-brokered private placement (the “Private Placement”) with orders totaling an aggregate amount of approximately US$33.5 million, inclusive of the first tranche of the Private Placement which closed on December 30, 2019. Chairman Jason Wild, Executive Chairman Jason Ackerman, and each of the Company’s additional directors participated in the Private Placement.
On January 10, 2019, the Company closed the second tranche of the Private Placement, issuing 3,450,127 units (each, a “Unit”) at an issue price of CAD$2.45 per Unit resulting in proceeds to the Company of CAD$8,452,811. 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.
As noted previously, the Company intends to use the proceeds from the Private Placement to accelerate the completion of the New Jersey cultivation and processing facilities, to satisfy the previously announced January 2020 contingent purchase price payment related to the acquisition of Ilera Healthcare, and for working capital and general corporate purposes.
For further details concerning the Private Placement, please refer to the Company’s news release dated December 30, 2019.
The securities to be issued pursuant to the private placement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
TerrAscend provides quality products, brands, and services to the global cannabinoid market. As the first North American Operator (NAO), with scale operations in both Canada and the US, the Company participates in the medical and legal adult use market across Canada and in several US states where cannabis has been legalized for therapeutic or adult use. TerrAscend is the first and only cannabis company with sales in the US, Canada, and Europe. TerrAscend operates a number of synergistic businesses, including The Apothecarium, an award-winning cannabis dispensary with several retail locations in California and Nevada; Arise Bioscience Inc., a manufacturer and distributor of hemp-derived products; Ilera Healthcare LLC, Pennsylvania’s premier medical marijuana cultivator, processor and dispenser; Ascendant Laboratories Inc., a biotechnology and licensing company committed to the continuous improvement of cannabinoid expressing plants; Solace RX Inc., a proposed Drug Preparation Premises (DPP) focused on the development of novel formulations and delivery forms; and Valhalla Confections, a manufacturer of premium cannabis-infused edibles. Additionally, TerrAscend has been chosen by the State of New Jersey to be one of six permit applicants for a vertically integrated medical cannabis operation. For more information, visit www.terrascend.com.