representative work

Jushi Holdings Inc. Closes Subscription Receipt Financing and Reverse Takeover Transaction

06/06/2019

On June 6, 2019, Jushi Holdings Inc. (formerly Tanzania Minerals Corp.) (the Corporation), completed a business combination with Jushi Inc (Jushi) that resulted in the reverse takeover of the Corporation by the security holders of Jushi.

Prior to the business combination, the Corporation and Jushi completed, through a special purpose corporation, a brokered and non-brokered subscription receipt financing at a price of US$2.75 per subscription receipt for aggregate gross proceeds of approximately US$68 million. As part of closing the business combination, the holders of subscription receipts received Class B subordinate voting shares of the Corporation (Subordinate Voting Shares) on a one-for-one basis. The brokered portion of the financing was led by Eight Capital, with a syndicate of agents that included GMP Securities L.P., Echelon Wealth Partners, Inc., Haywood Securities, Inc. and PI Financial Corp.

The Subordinate Voting Shares began trading on the Neo Exchange Inc. on June 10, 2019 under the symbol “JUSH.B”.

Cassels acted for Jushi on the business combination and financing.