Provides Maximum Flexibility to Execute on Gage's Growth Strategy, Including Near-Term Retail Acquisition Opportunities
DETROIT, and
"This non-dilutive financing provides Gage with maximum flexibility to execute on near-term acquisition opportunities," said
The Term Loan bears interest at a per annum rate equal to the greater of 7.00% plus prime rate and 10.25%, payable monthly in arrears, with a maturity date of
The placement was arranged by
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Caution Regarding Cannabis Operations in
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in
Explanatory Note Regarding the Company's Operations
References in this news release to the Company and its operations and portfolio are inclusive of the operations and assets of certain licensed cannabis operators that operate under the Gage brand pursuant to contractual arrangements with the Company. For additional information, please refer to the Company's long form prospectus dated
Forward Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions, and include, but are not limited to statements with respect to the anticipated completion of the Arrangement and the satisfaction of closing conditions of the Arrangement which include, without limitation: (i) the potential benefits of the Term Loan on the Company's balance sheet, (ii) the Company's anticipated growth strategy, including anticipated retail acquisitions; (iii) the anticipated effects of the Term Loan and the closing of the anticipated retail acquisitions on the Company, including the completion of the proposed acquisition of the Company by TerrAscend Corp.; and (iv) the closing of the anticipated retail acquisitions and the acquisition by TerrAscend Corp. of all of the issued and outstanding securities of Gage and the timing thereof. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information including, but not limited to, those risks disclosed in the Company's most recently filed management's discussion and analysis and other disclosure documents available on the Company's profile at www.sedar.com. The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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