NetworkNewsBreaks – TransCanna Holdings Inc. (CSE: TCAN) Closes IPO Generating $2.2M in Gross Proceeds
Jan 10, 2019
TransCanna Holdings (CSE: TCAN) announced the January 8, 2019 completion of its initial public offering (“IPO”) of 4,400,000 units, issued at a price of $0.50 per unit, which generated aggregate gross proceeds of $2,200,000 pursuant to a December 10, 2018 prospectus. Each unit is comprised of one TransCanna common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share at an exercise price of $1 per share until January 8, 2020, under the condition that if the price of the shares on the Canadian Securities Exchange (“CSE”) closes at or above $1.50 for a period of 10 consecutive trading days, the company may accelerate the term of the warrants to a period of 30 days through issuing written notice to the warrant holders. The warrants are issued pursuant to an indenture dated January 8, 2019 between the company and its warrant agent, Odyssey Trust Company, with a copy available under the company’s profile on SEDAR.com.
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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. For further information, please visit the company’s website at www.TransCanna.com
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