CALGARY, March 19, 2018 /CNW/ - Terra Life Sciences Inc. ("Terra Life Sciences" or the "Company") is pleased to announce the successful closing, on March 16, 2018, of a brokered private placement of approximately CDN$46 million principal amount of 8.00% unsecured convertible debentures of the Company (the "Private Placement").
"This financing will help translate our company's success as a leading global manufacturer of pharma-grade softgels into a prominent position in the medical cannabis industry; a combination we believe will provide our company and shareholders with a long term sustainable competitive advantage," said Dr. Anil Jain, President and Chief Executive Officer of Terra Life Sciences.
Alberta-based Terra Life Sciences has the capacity to produce 2.8 billion softgels annually, along with other pharmaceutical, over-the-counter and nutraceutical products. Its operations incorporate advanced in-house product research and development, as well as state-of-the art extraction, compounding and manufacturing. The Terra Life Sciences facilities in Olds, Alberta are Health Canada, NSF (global public health standards), Halal and Canadian Good Manufacturing Practices (GMP) certified, and U.S. Food and Drug Administration (FDA) inspected.
Since receiving its Health Canada Controlled Drugs and Substances (CDS) license in December, Terra Life Sciences has been conducting research and development into innovative medical cannabis products and delivery systems. Management believes approval of its ACMPR license will be received in the near future, which will permit the Company to commence extraction, formulation and encapsulation of cannabis in its pharma-grade softgels.
The net proceeds of the Private Placement will be used by the Company to construct additional cultivation facilities at its Olds, Alberta site, make additional investments into clinical trials and further enhance its research capabilities, take advantage of new market opportunities presented by upcoming regulatory changes in the legalization of cannabis extracts, and for general corporate purposes.
AltaCorp Capital Inc. acted as exclusive financial advisor to the Company and sole agent on the Offering.
About Terra Life Sciences
Terra Life Sciences believes every life deserves to be lived to its fullest potential and is unlocking that potential by researching and developing innovative cannabis-derived medical products. Combining exceptional clinical research, precise extraction, customized compounding, and standardized dosing and delivery, we are improving people's lives.
We produce pharmaceuticals, over-the-counter medications and premium grade wellness products for both the Canadian and international markets at our facilities in Olds, Alberta, and are a leading global manufacturer of pharma-grade softgels and other products. Terra Life Sciences is focused on developing new research and evidence-based formulations to revolutionize wellness. Find out more at www.terralifesciences.com.
Forward-Looking Information Cautionary Statement
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking statements in the release include statements regarding approval of the Company's ACMPR license and use of proceeds from the Private Placement. Various assumptions were made in making such forward looking statements, including assumptions based upon timing and receipt of regulatory approvals, general economic market and business conditions, the accuracy of cost estimates, availability of supplies, technology and expertise; changes in customer demand; the successful and timely implementation of projects and the impact of changes in applicable laws and regulations. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including but not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical and potential cannabis industry in Canada generally; income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; crop failure; currency and interest rate fluctuations; and other risks. The Company cautions that the foregoing list of risks and uncertainties is not exhaustive. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Terra Life Sciences
For further information: [email protected]