TerrAscend Announces Closing of Oversubscribed Non-Brokered Private Placement
- Gross Proceeds of C$224 Million, 80% coming from four large U.S. Institutional investors
- Announces Departure of Co-Founder and former CEO Dr. Michael Nashat from the Board of Directors
NEW YORK and TORONTO, Jan. 28, 2021 /CNW/ – TerrAscend Corp. (“TerrAscend” or the “Company”) (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced the closing of its previously announced non-brokered private placement. In total 18,115,656 common shares in the capital of the Company (the “Common Shares”) were issued at the price of C$12.35 per Common Share (“the “Offering”), raising gross proceeds of C$224 million with 80% coming from four large U.S. institutional investors. ATB Capital Markets Inc. acted as the Company’s financial advisor on the Offering.
The Company intends to use the net proceeds of the Offering to accelerate organic expansion plans and to pursue M&A transactions.
I’m thrilled with the strong demand we received during our recent oversubscribed offering and thankful for the continued support of our investors as we execute our growth strategy.
Jason Ackerman, CEO and Executive Chairman of TerrAscend
With our strengthened balance sheet, our focus remains on continuing to go deep and build scale in our existing markets, while pursuing M&A transactions to further accelerate our growth and expansion.
The Company also announced today that Dr. Michael Nashat, Co-Founder and former CEO, has informed the Company of his decision to step down from the Board effective February 1st.
Jason Wild, Chairman of the Board of TerrAscend, commented, “On behalf of the entire team, I would like to thank Michael for his support and dedication to helping build TerrAscend into the company it is today, and we wish him the best in all of his future endeavors.”
As Co-Founder and former CEO of the Company, I am inspired by what TerrAscend has accomplished to date. Under the leadership of Jason Wild and Jason Ackerman, I believe that the company is well positioned to continue its success. I am excited to follow TerrAscend’s future progress as a long-term shareholder.
Dr. Michael Nashat, Co-Founder and former CEO
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 is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, and California in addition to operating as a licensed producer in Canada. TerrAscend operates an award-winning chain of Apothecarium dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities on both the East and West coasts. TerrAscend’s best-in-class cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use market. The Company owns a number of synergistic businesses and brands, including The Apothecarium, Ilera Healthcare, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com.