Terranueva Raises $278,750 Following Exercise of Rights
MONTREAL, Feb. 27, 2019 (GLOBE NEWSWIRE) -- TERRANUEVA CORPORATION (“Terranueva”) (CSE: TEQ) announces that it has raised $278,743.04 from its rights offering (the “Rights”), which started on October 30, 2018, while holders have exercised Rights at $0.64 each to acquire an aggregate of 435,536 common shares in the capital stock of Terranueva, of which none was subscribed by insiders of Terranueva. No stand-by commitment or additional subscription privilege had been agreed and no commission was payable as well. All unexercised Rights are now null and void. Terranueva currently has 32,832,161 common shares issued and outstanding.
Terranueva has obtained on February 22, 2019, its cannabis cultivation, processing and sale (medical) licenses from Health Canada. Terranueva relies on research and development and operational efficiency to become a key player in the emerging cannabis industry. We aim to provide the Canadian and international markets with first-rate medicinal and recreational cannabis. Terranueva Pharma Corporation, its wholly-owned subsidiary, holds the necessary licenses from Health Canada to carry out its mission. Operating in L'Assomption (Québec), its mission is to produce cannabis with the highest standards in terms of efficiency, quality and stability. To achieve its goal, Terranueva Pharma implements a modular production approach incorporating the latest advances and innovations in the automation of these processes.