TerrAscend Announces Intention to Complete a Non-Brokered Private Placement
TORONTO, July 18, 2017 (GLOBE NEWSWIRE) — TerrAscend Corp. (CSE: TER) (“TerrAscend” or the “Company”), is pleased to announce that the Company intends to complete a non-brokered private placement to raise approximately $4,000,000 through the issuance of approximately 3,809,524 units (the “Units”) at $1.05 per Unit. Each Unit will consist of one common share and one half of one share purchase warrant, with each whole warrant entitling the holder to purchase an additional common share for a period of two years at an exercise price of $1.75. With respect to this private placement, the Company may pay finders’ fees in the amount of 7% based on the sale of the Units purchased by subscribers introduced to the Company by such finders. The private placement is expected to close on or around July 28, 2017.
The Company intends to use the proceeds from this private placement to build out additional space in its existing facility, commence construction of its drug preparation premises, further develop its subsidiary Terra Health Network Inc., and for other working capital needs.
The securities issued pursuant to the private placement will be subject to a four-month hold period from the closing date and subject to all necessary regulatory approvals, including the approval of the Canadian Securities Exchange.
The Canadian Securities Exchange has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
About TerrAscend
TerrAscend is a vertically-integrated Canadian cannabis company that strives to create and deliver quality products and services that meet the evolving needs of the cannabis market. The Company provides support to patients through its wholly-owned subsidiaries, Solace Health Inc. (“Solace Health”), a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations, Terra Health Network Inc. (“Terra Health”), a clinical support program and education platform led by health care professionals, and Solace Rx Inc. (“SolaceRx”), a drug preparation premises for non-cannabis formulations. Please visit www.TerrAscend.com for more information about the Company.
Original press release: https://globenewswire.com/news-release/2017/07/18/1053970/0/en/TerrAscend-Announces-Intention-to-Complete-a-Non-Brokered-Private-Placement.html
