Alpha Blue Ocean (“ABO”) Announces a $9.5M Financing Arrangement With TransCanna Holdings (TCAN)
$9.5M financing arrangement with TransCanna Holdings (TCAN)
NASSAU, Bahamas–(BUSINESS WIRE)–ABO, a family office founded by Pierre Vannineuse and a pioneer in alternative finance worldwide, is proud to support TransCanna’s growth initiatives with the recent financing agreement of up to $9.5 million in convertible debentures.
ABO’s financing facility, to be used at the option of TransCanna, allows the company to access capital on an as-needed basis to complement their recent $15.8M debt financing from Pelorus Equity Group. The net proceeds will be used primarily for the purposes of refinancing and developing the Company’s property to achieve greater production capacity, with the goal of reaching cash flow positivity once completed.
Amine Nedai, CEO of Alpha Blue Ocean
“ABO is excited to close this transaction with TransCanna to help fund the firm’s promising growth trajectory. We’re looking forward to supporting TransCanna’s team and participating in what will be a recapitalized company with strong management and capital partners behind it. Despite the current macro and industry headwinds, ABO continues to support listed small and mid-market companies by providing flexible and innovative financing solutions.”
Bob Blink, CEO of TransCanna
“The success of the business has always been intrinsically tied to the Company’s ability to increase it’s production capacity. The USD $4M budget which this financing unlocks for construction of the Company’s Phase 2 build-out moves us towards accomplishing this goal. When the Company is on a solid cash-flow positive footing post-construction we’ll have achieved the initial stability we have been driving towards and be very well positioned for the next stage of growth with our new financial partners.”
Contacts
Contact information
Rajae Elantari
pr@abo.co
+971585397678