Topping off a banner year for a cannabis industry still in its infancy, Toronto-based TerrAscend Corp. (CSE:TER) gained considerable ground on the last day of 2019.
The company, which boasts a status as first and only global cannabis company licensed for sales in Canada, the U.S., and the European Union., announced that its previously announced private placement generated strong investor interest and oversubscribed demand.
TER says it’s upped the offering size to approximately $30 million U.S. which has been fully allocated and is anticipated to close in two tranches. The first tranche of the Private Placement was closed Tuesday, issuing 12,968,325 Units at an issue price of $2.45 Canadian per Unit resulting in proceeds to the Company of $31,772,412 Canadian.
Each Unit consists of one common share in the capital of the Company and one Common Share purchase warrant. Each Warrant will be exercisable to acquire one Common Share prior to January 14, 2022 at an exercise price of $3.25 Canadian per Warrant Share.
TER shares galloped 24 cents, or 10.2%, before noon EST to $2.59, on volume of just below 50,000 shares.