TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (“TransCanna” or the “Company”) is pleased to announce that it has closed a non‐brokered private placement (the “Offering”) of 12% unsecured convertible debentures (the “Convertible Debentures”) for total gross proceeds of $1,156,000 at a price of $1,000 per Convertible Debenture.
The proceeds of the Offering will be used for general working capital purposes, and more specifically to fast-track new operations coming online at the Company’s recently completed Daly Facility.
“This capital enables us to hire key personnel, facilitate our expansion into new business segments, and bolster our retail footprint in markets like Southern California,” said Bob Blink, TransCanna CEO. “It’s a strategic raise in order to keep our business moving forward at a competitive pace.”
The Convertible Debentures will bear interest at 12% per annum (the “Interest“), from the date of issuance (the “Closing Date“), payable monthly in arrears on the last calendar day of each month until maturity. The first Interest payment will be made on September 30, 2021 and will consist of interest accrued from and including the Closing Date to September 30, 2021. The Convertible Debentures will mature on the date that is one year from the date of issuance (the “Maturity Date“).
The Convertible Debentures are convertible, at the option of the holder, into units (the “Units“) at a conversion price of $0.85 per Unit, at any time prior to the Maturity Date, subject...
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