2023-06-26 09:59:45 ET
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TerrAscend ( OTCQX:TRSSF ) closed the first tranche of its previously announced concurrent private placements raising about $16 million, the company said Monday.
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Additionally, the company upsized the offering to $20 million and said its second tranche is scheduled to close on June 28, 2023.
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The closing of the initial tranche of the private placements consisted of 4,071,577 units at $1.50 apiece raising $6.1 million and 9,905 senior unsecured convertible debentures at $1,000 per debenture, raising $9.9 million.
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Proceeds of the equity offering will be used to satisfy one of the remaining TSX listing requirements.
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Each unit is comprised of one common share and one-half common share purchase warrant.
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Each warrant will entitle the holder to acquire one common share at $1.95 per share.
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Each debenture will bear interest at a rate of 9.9% per annum from the date of issuance, calculated and compounded semi-annually, and payable on the maturity date.
For further details see:
TerrAscend updates on private placement transactions