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TerrAscend Announces Books Closed on Over-Subscribed US$52 Million Private Placement
TORONTO, May 7, 2019 /CNW/ – TerrAscend Corp. (CSE:TER) (“TerrAscend” or the “Company”) has successfully completed the book-build for its previously announced upsized private placement (the “Private Placement”) with orders totaling approximately US$52 million. The Company is issuing common shares in the Private Placement at the previously announced price of CAD$7.64, representing a 5% discount from Monday’s closing price. All members of the Company’s leadership team are participating in the Offering, including an increased US$17 million lead order from funds advised by JW Asset Management, LLC and affiliated entities. For further details concerning the Private Placement, please refer to the Company’s news release dated April 26, 2019.
As noted previously, the Company intends to use the proceeds from the Private Placement to fund its United States acquisition strategy, working capital and general corporate purposes.
Subject to the satisfaction of customary closing conditions, including the approval of the Canadian Securities Exchange, the Private Placement is expected to close, in one or more tranches, by mid-May, 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.
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. Additionally, TerrAscend will soon be the first and only cannabis company with sales in Europe as well as the US and Canada as it has received EU GMP certification for its manufacturing facility in Mississauga, Ontario. TerrAscend operates a number of synergistic businesses, including Arise Bioscience Inc., a manufacturer and distributor of hemp-derived products; Ascendant Laboratories Inc., a biotechnology and licensing company committed to the continuous improvement of cannabinoid expressing plants; and Solace RX Inc., a proposed Drug Preparation Premises (DPP) focused on the development of novel formulations and delivery forms.
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