Source: TransCanna
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  • TransCanna Holdings (TCAN) has signed a definitive loan agreement with Pelorus Equity Group for a secured loan of up to US$15,808,000.00 for a term of forty-eight months
  • Also Alpha Blue Ocean is supporting the company’s growth with an up to $9,500,000 financing arrangement
  • The company has also announced that its repriced convertible debentures are now convertible into units at a price of $0.10 per unit (previously $0.85)
  • TransCanna Holdings Inc. is a California-based, Canadian-listed company building Cannabis-focused brands
  • Transcanna Holdings Inc. opened trading at C$0.12 per share

TransCanna Holdings (TCAN) has signed a definitive loan agreement with Pelorus Equity Group for a secured loan of up to US$15,808,000.00 for a term of forty-eight months.

In addition, Alpha Blue Ocean is supporting the company’s growth with an up to $9,500,000 financing arrangement.

The company has entered into an issuance agreement with Global Tech Opportunities 2, an investment fund managed by ABO, that provides for the issuance of senior unsecured convertible debentures in the aggregate principal amount of up to $9,500,000, each at a subscription price of 95 per cent of the aggregate principal amount.

In accordance with the convertible debenture financing, TransCanna drew down the first tranche of the ABO commitment and issued a convertible debenture in an aggregate principal amount of $780,000 for gross proceeds of $741,000 and issued convertible debentures to the Investor in an aggregate principal amount of $500,000 as a commitment fee.

TransCanna plans to use the net proceeds of the loan and convertible debenture financing mainly to refinance and develop the company’s property, construction costs, and to pay interest on existing debt.

In pursuit of a business services agreement for capital markets advisory services dated January 13, 2022, between the company and Luminous Capital Inc., the company will issue 16,386,778 common share purchase warrants for $0.12 per share.

TransCanna has also announced that the holders of an aggregate of $1,842,706 of debt, of which $398,182 is held by insiders of the company, have agreed to settle such debt through the issuance of an aggregate of 18,427,061 units of the company for $0.10 per unit.

Each debt settlement warrant will entitle the holder to purchase one additional common share at a price of $0.15 for a period of two years.

The company has also repriced its outstanding convertible debentures in an aggregate principal amount of $1,156,000, previously issued in line with a private placement completed on September 15, 2021.

The company has also announced that its repriced convertible debentures are now convertible into units at a price of $0.10 per unit (previously $0.85) and the common share purchase warrants comprising such units are now exercisable at a price $0.15 per share (previously $1.00).

TransCanna Holdings Inc. is a California-based, Canadian-listed company building Cannabis-focused brands for the California lifestyle, through its wholly-owned California subsidiaries.

TransCanna Holdings Inc. opened trading at C$0.12 per share.


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