TerrAscend Corp. (TSNDF): debt financing — TerrAscend closes $16M initial tranche of private placement, upsized to $20M

TerrAscend Corp.

First tranche: 4,071,577 units at $1.50/unit ($6.1M equity) and 9,905 debentures at $1,000 each ($9.9M debt).
Debentures carry 9.9% annual interest, convertible at $2.01/share, maturity 36 months from issuance.
Proceeds earmarked for TSX listing qualification, Maryland dispensary acquisitions, and working capital.
Insider participation: directors acquired $2.04M in securities; exemptions from valuation and minority approval.
Second tranche expected June 28, raising total offering to US $20 million.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TerrAscend Corp. incurred convertible notes of aggregate gross proceeds of approximately US$9.9 million with certain accredited investors at 9.9% per annum maturing 36 months from date of issuance.

Instrument: convertible notes
Principal: aggregate gross proceeds of approximately US$9.9 million
Counterparty: certain accredited investors
Rate: 9.9% per annum
Maturity: 36 months from date of issuance
Event: incurrence

Exact text from the filing

(ii) 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 approximately US$9.9 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

TerrAscend Corp. entered into Subscription Agreements for Units and Subscription Agreement for Convertible Debentures with certain accredited investors valued at US$16,000,000 (effective 2023-06-23).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors
Value: US$16,000,000
Effective: 2023-06-23

Exact text from the filing

On June 23, 2023, TerrAscend Corp. (the “Company”) closed concurrent private placement offerings (the “Private Placements”) pursuant to the terms and conditions of those certain Subscription Agreements for Units (the “Equity Subscription Agreements”) and that certain Subscription Agreement for Convertible Debentures (the “Debenture Subscription Agreement”), each dated as of June 23, 2023, by and between the Company and certain accredited investors (the “Investors”) for total gross proceeds of approximately US$16 million.

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102 debt financings filed in the last 30 days. Browse all debt financings →

TerrAscend Corp. filing history →

Source: SEC EDGAR

accession 0000950170-23-030768

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