TerrAscend Completes $33.5M Non-Brokered Private Placement

TerrAscend Corp. TER TRSSF announced Monday that it has finalized a non-brokered private placement with orders reaching a total of around $33.5 million, including the first tranche of the private placement that was completed Dec. 30. 

Company chairman Jason Wild, executive chairman Jason Ackerman and each of the directors were engaged in the private placement, according to TerrAscend. 

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For the Jan. 10 closing of the second tranche of the private placement, TerrAscend said it issued 3.45 million units with a price of CA$2.45 ($1.88) each for proceeds of CA$8.45 million.

Each unit consists of one company share and one common share purchase warrant, with each warrant usable to purchase one common share before Jan. 14, 2022 at a price of CA$3.25 per warrant share.

TerrAscend said it plans to utilize the proceeds to push for the finalization of its New Jersey cultivation and processing facilities and to complete a January 2020 purchase price payment in relation to the purchase of Ilera Healthcare.

TerrAscend’s shares closed Friday’s market session 13.04% higher at $2.10 per share.

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