TerrAscend upsizes private placement to $20M

TerrAscend “announced that on June 23, 2023, it closed the first tranche of its previously announced concurrent private placements for total gross proceeds of approximately $16 million. Additionally, the Company upsized the offering to $20 million. A second tranche closing is scheduled for June 28, 2023. The closing of the initial tranche of the Private Placements consists of an aggregate of 4,071,577 units (the “Units”) of the Company (the “Equity Offering”) at a price of US $1.50 per Unit (the “Issue Price”) for aggregate gross proceeds of approximately US $6.1 million and 9,905 senior unsecured convertible debentures (the “Debentures”) of the Company (the “Debenture Offering”) at a price of US $1,000 per Debenture for aggregate gross proceeds of US $9.9 million. 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.”