TransCanna Holdings (CSE: TCAN) (FSE: TH8) today announced the close of its brokered private placement of 2,000,350 units which were sold at a price of CAD$5.00 each, resulting in total gross proceeds of CAD$10,001,750. Each unit sold comprised of one common share and one half of one common share purchase warrant. Warrant holders are entitled to acquire an additional share at a price of $6.00 for each full warrant until June 7, 2022. TransCanna paid a commission of 7% of the total gross proceeds through a payment of $700,122.50 in cash as well as a corporate finance fee of $150,000, plus applicable taxes. The syndicate of agents that co-led the offering, Haywood Securities Inc., Canaccord Genuity Corp., and PI Financial Corp., received a total of 140,024 transferable compensation options to acquire up to 140,024 shares at a price of $5.00 each until June 7, 2022. The company plans to use the proceeds of the offering toward purchasing equipment for its vertically integrated cannabis facility in Modesto, California, as well as to fund additional acquisitions and for working capital and general corporate purposes. In addition, TransCanna announced that it has engaged Umbrella Capital Group Ltd. to conduct market-making activities for a three-month term at a rate of $30,000 per month.
To view the full press release, visit http://ibn.fm/S4qXA
About TransCanna Holdings Inc.
TransCanna Holdings Inc. is a Canadian-based company focused on providing integrated branding, transportation and distribution services, through its wholly-owned California subsidiaries, to a range of industries including the cannabis marketplace. For more information, visit the company’s website at www.TransCanna.com.
NOTE TO INVESTORS: The latest news and updates relating to TCAN are available in the company’s newsroom at http://ibn.fm/TCAN
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