Transactions

Transactions

Overview

Terra Nova Completes $9.5 Million RTO Financing

October 29, 2020

Terra Nova Resources Inc. (CSE: TENO) completed an upsized private placement of subscription receipts for gross proceeds of $9.5 million. The offering was conducted by Canaccord Genuity Corp. and Gravitas Securities Inc. as co-lead agents and joint bookrunners.

The Concurrent Financing was conducted in connection with the Terra Nova’s previously announced proposed acquisitions of WellteQ Ltd. and CBDS Health Inc., which will constitute a fundamental change under the policies of the CSE. This transaction is expected to involve the acquisition of all of the outstanding shares of WellteQ by way of an off market takeover effected pursuant to the laws of Australia, and the acquisition of all of the outstanding shares of CBDS by way of a three cornered amalgamation effected pursuant to the laws of British Columbia.

WellteQ is a leading provider of corporate wellness solutions within Asia Pacific, and has developed and grown the business on the technology and data-driven smarts to communicate personalised wellness content to a user in order to engage healthier behaviour. As an enterprise (business-to-business) model WellteQ has two main sectors of customers where they have secured large multinational brands as customers for their SaaS revenue. WellteQ white labels its technology for the consumer insurance policyholders for one of Australia’s largest private health insurers and for corporate insurance customers of Bupa (Australia). Direct services are offered to large employer customers including Toll Logistics, Willis Towers Watson APAC.

CBDS is focused on the development of Internet of Medical Things (IoMT) connected patient applications in healthcare. Leveraging its founders’ years of experience building commercial IoT solutions, CBDS has developed an entirely new IoMT platform that can connect multiple standardized medical devices and applications to the cloud.

Wildeboer Dellelce LLP acted for the agents in connection with the offering with a team comprised of Michael Rennie, Carlye Bellavia, Mark Coghlan and Katie Drury (corporate/securities).