- Terranueva Corporation (TEQ) has closed a non-brokered private placement of second rank convertible debentures for gross proceeds of $2,950,000
- The principal amount and five per cent annual interest are payable in five years, maturing on July 12, 2027
- The proceeds will be used primarily to replenish the corporation’s working capital and for business development
- Terranueva is leveraging research and development to become a major player in the emerging cannabis industry
- Terranueva (TEQ) is unchanged on the day, trading at C$0.05 per share at 4:15 pm ET
Terranueva (TEQ) has closed a non-brokered private placement of second rank convertible debentures for gross proceeds of $2,950,000.
The debentures bear an annual interest rate of 5 per cent. The principal amount and interest are payable in five years, maturing on July 12, 2027. The principal amount is convertible at any time until July 13, 2025 into voting common shares of Terranueva at a conversion price of $0.08 per share.
The debentures and the underlying common shares are subject to a mandatory four-month holding period.
The proceeds will be used primarily to replenish the corporation’s working capital and for business development.
Terranueva is leveraging research and development to become a major player in the emerging cannabis industry.
Terranueva (TEQ) is unchanged on the day, trading at C$0.05 per share at 4:15 pm ET.
