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TerrAscend Gets CA$31.5M Investment Via Early Warrant Exercise

August 27, 2019 10:28 am
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TerrAscend Gets CA$31.5M Investment Via Early Warrant Exercise

Terrascend Corp (CSE:TER)(OTC:TRSSF) said that JW Asset Management exercised early its warrants to acquire voting shares of the company.

In total, JW Asset Management exercised warrants to acquire around 28.64 million shares of Terrascend for aggregate proceeds of CA$31.5 million ($23.78 million in U.S. dollars). The warrants entitled the holder to acquire shares on or before Dec. 8, 2020 at an exercise price of CA$1.10 apiece.

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Terrascend plans to use the proceeds from the Warrant exercise to fund its growth initiatives. Earlier this month, the company announced signing an agreement to acquire Ilera Healthcare, Pennsylvania-based vertically-integrated cannabis company. The value of the deal is estimated between $125 and $225 million in cash and stock.

The company was also selected as one of the six permit applicants for a vertically-integrated medical cannabis operation in New Jersey.

In addition, Terrascend issued warrant holders additional purchase warrants under an incentive program. The incentive warrants allow holders to buy 8.59 million Terrascend shares at an exercise price of CA$7.21 on or before Aug. 23.

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