Terrace Global Inc. reported that, subject to applicable regulatory approvals, the Company intends to complete a non-brokered private placement of subscription receipts. The Private Placement is expected to close on or about July 30. The Company intends to issue a minimum of 120,000,000 Subscription Receipts and up to 160,000,000 Subscription Receipts at a price of $0.125 per Subscription Receipt for gross proceeds of at least $15 million. Each Subscription Receipt will, in connection with the satisfaction of certain escrow release conditions, including entering into a definitive agreement with respect to the acquisition of a Canadian licensed producer of cannabis and/or in connection with certain other merger, acquisition or disposition transactions (the Proposed Transaction), entitle the holder to receive, without the payment of additional consideration or taking of further action, one common share in the capital of Terrace Global which will immediately be cancelled and a common share in the capital of the Company following the completion of the Proposed Transaction will be issued as consideration in accordance with the terms of the Proposed Transaction.