Transcanna Holdings Inc (TCAN)

[MontereyBud]

TransCanna Holdings Inc. (TCAN.CN) Offers $10.0 M Brokered Private Placement

According to MarketWatch, TransCanna "has appointed Haywood Securities Inc. ("Haywood") to act as lead agent on behalf of a syndicate of agents to be formed, including Gravitas Securities Inc. (collectively, the "Agents") to sell, by way of a private placement on a best efforts basis, up to 5,000,000 units of the Company (each a "Unit") at a price of $2.00 per Unit (the "Issue Price") for gross proceeds of up to $10,000,000 (the "Offering"), subject to receipt of all applicable regulatory approvals."

Transcanna Holdings Inc. (CSE:TCAN: XETR: TH8) "intends to use the net proceeds of the Offering to partially fund the acquisition of the 196,000 sq ft cannabis facility as announced on February 4, 2019 and for working capital and general corporate purposes. The Company still anticipates it will seek a commercial lending facility to secure the full purchase price for the facility and once it has executed definitive documentation for such a facility, it will provide a further update on the progress of the acquisition. The completion of the Offering will be conditional upon the Company being in a position to complete the facility acquisition," per the press release.

"The Offering may be completed in multiple closings, with the final closing expected to occur on or before March 28, 2019, subject to the receipt of all necessary regulatory approvals. All securities issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. "