LATEST FIRM TRANSACTION
November 18, 2019
Terrace Global Inc., formerly Apolo II Acquisition Corp. (the “Corporation”), has completed its qualifying transaction (the “Qualifying Transaction”) with Terrace Inc. (“Terrace”), a multi-country operator focused on the development and acquisition of international cannabis assets. Pursuant to the terms of the Qualifying Transaction, the Corporation acquired all of the issued and outstanding shares of Terrace. Trading in the common shares of the Corporation has commenced on the TSX Venture Exchange under the symbol “TRCE”.
Prior to completion of the Qualifying Transaction, Terrace completed both a brokered and non-brokered private placement of subscription receipts (the “Subscription Receipts”) at a price of C$0.50 per subscription receipt for gross proceeds of $17 million (the “Offering”). The Offering was led by PI Financial Corp. and included Sprott Capital Partners LP. In connection with completing the Qualifying Transaction, the Subscription Receipts were converted on a one-for-one basis into a total of 34,000,000 common shares of the Corporation.
In addition to acting for Terrace in connection with the Qualifying Transaction and the Offering, Wildeboer Dellelce LLP also acted as Canadian legal counsel in respect of the acquisitions by Terrace of its international cannabis assets in Uruguay, Spain and Portugal.
Wildeboer Dellelce LLP acted for Terrace, with a team comprised of Jeff Hergott, Carlye Bellavia, Niall Sweeney, Phil Lamothe and Sarah Wahba (corporate/securities) and Katy Pitch (tax).