TerrAscend Secures $20.5M Via Second Tranche Of Private Placements

TerrAscend Corp. TRSSF TER closed the second tranche of private placements for total aggregate proceeds of $20.5 million.

The closing of the second tranche of the private placements consists of an aggregate of 2.3 million units of the company at a price of $1.50 per unit for aggregate gross proceeds of approximately $3.4 million for total aggregate proceeds for both closings of approximately $9.5 million, 100 senior unsecured convertible debentures of the company at a price of $1,000 per debenture for aggregate gross proceeds of $100,000 for total aggregate proceeds for both closings of $10 million and class A shares of TerrAscend Growth Corp. to a third-party investor for $1 million (the “reorganization investment”). The net proceeds from the private placements will be used to qualify for the company’s proposed TSX listing, to fund Maryland dispensary acquisitions, and for working capital and general corporate purposes.

Reorganization Investment.
The reorganization investment was completed following the approval by the shareholders of TerrAscend on June 22, 2023 of the reorganization in connection with TerrAscend’s application to list its common shares on the Toronto Stock Exchange. Following completion of the reorganization Investment, TerrAscend now holds exchangeable shares of TerrAscend Growth, representing approximately 99.8% of the economic ownership of TerrAscend Growth, on an as-converted basis. Aside from its interest in TerrAscend Growth, TerrAscend owns 95% of Cookies Retail Canada Corp., an entity which owns and operates the Cookies-branded retail store located in Toronto, Ontario, Canada.

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