TerrAscend Corp closes the second tranche of non-brokered private placement units and intends to use the proceeds to fund growth within the company
TerrAscend Corp, the first and only global cannabis company licensed for sales in Canada, the US, and the EU, today announced it has closed the second tranche of the previously announced non-brokered private placement of units of TerrAscend (the "Offering") for additional gross proceeds of approximately $4.76 million.
Each unit in the Offering is comprised of one unsecured convertible debenture and 25.2 common share purchase warrants of TerrAscend.
The Company previously closed a first tranche of the Offering for gross proceeds of US$10 million, consisting of a lead order from Canopy Rivers Inc. ("Canopy Rivers") (TSX: RIV, OTC: CNPOF). None of the subscribers in the second tranche were related-parties to the Company.
The Company intends to use the proceeds from the Offering to fund its various growth initiatives, capital expenditures, working capital and general corporate purposes.
The Company is expecting to close the next tranche of the Offering in the coming weeks.
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