TransCanna Holdings (CSE: TCAN) (FSE: TH8) recently announced that its brokered private placement of 5,000,000 units at C$2.00 per unit, as announced on February 20, 2019, is oversubscribed. As a result, TransCanna has increased the offering by sixty percent to a maximum of 8,000,000 units to raise gross proceeds of C$16,000,000. The company intends to use the offering’s net proceeds for partial funding of the acquisition of a 196,000 square foot vertically integrated cannabis facility in Modesto California, as well as equipment acquisition and general working capital. “We’re humbled by the demand for our private placement,” TCAN President and CEO Jim Pakulis said in the news release. “We have attracted a broad range of investors and are dedicated to executing our business plan as well as delivering value to our shareholders while continually growing our shareholder base.”
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About TransCanna Holdings Inc.
TransCanna Holdings 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 more information, visit the company’s website at www.TransCanna.com.
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