TransCanna Announces Closing Date for CDN$16 Million Brokered Private Placement of Units
Vancouver, British Columbia--(Newsfile Corp. - April 1, 2019) - TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) ("TransCanna" or the "Company") is pleased to announce that the closing date of the recently announced private placement will be on Thursday, April 4th, 2019.
"The private placement was oversubscribed, allowing us to bring in a significant number of new investors and materially increase our shareholder base. In fact, the volume of subscriptions caused a slight delay in our original anticipated closing date. With that said, we are extremely thankful to all of the investors who are participating in the private placement," stated Jim Pakulis, CEO of TransCanna.
As reported in our March 14th press release, as a result of significant demand, the Company's brokered private placement of 5,000,000 units of the Company (the "Units") at a price of CDN$2.00 per Unit (the "Offering"), is oversubscribed. Consequently, the Company increased the size of the Offering by sixty percent to a maximum of 8,000,000 Units to raise gross proceeds of CDN$16,000,000. The terms of the Units under the Offering remain unchanged as previously announced in our March 14th and February 20th press releases. The Offering is being conducted by a syndicate of agents co-led by Haywood Securities Inc. and Canaccord Genuity Corp., and including Gravitas Securities Inc.
For further information, please visit the Company's website at www.transcanna.com.
About TransCanna Holdings Inc.
TransCanna Holdings Inc. is a Canadian based company providing branding, transportation and distribution services, through its wholly-owned California subsidiaries, to a range of industries including the cannabis marketplace.
On behalf of the Board of Directors
Chief Executive Officer
Telephone: (604) 609-6199
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Forward-looking statements in this news release include, but are not limited to: the anticipated timing of the closing of the financing and the expected proceeds therefrom. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43812