The Green Organic Dutchman Holdings Ltd. (the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement on March 24th, which was upsized from C$10,000,000 to C$21,957,984 due to increased demand.
Additionally, a brokered private placement of C$6,392,583 was closed on April 19th with a syndicate co-led by Canaccord Genuity Corp. and GMP Securities L.P., which included PI Financial Corp.
An aggregate gross proceeds of $28,350,567 million was raised through the issuance of 24,652,667 Units (the “Units”) at a price of $1.15 per Unit. Each Unit consists of one common share of the Company (a “Common Share”) and one common share purchase warrant of the Company (a “Warrant”). Each Warrant is exercisable into one Common Share (the “Warrant Share”) at the exercise price of $2.15 per Warrant Share for a period of 24 months from the closing date of the Offering. The Warrants will be subject to acceleration in the event that the volume weighted average price of the Common Shares is equal to or greater than $2.80 over a period of ten consecutive days on the exchange the Company becomes listed on. The Common Shares and Warrants will be subject to a 6-month contractual escrow period from the date the Common Shares are listed on an exchange. The Warrant Shares will also be subject to a twelve-month contractual escrow period.
“We are very pleased to close this financing which is anticipated to fully fund our 14,000KG phase 1 expansion. With industry leading alliance partners, and a 100-acre property, we are optimistic with what we can achieve in the next 12-18 months. Additionally, with a retail approach to this financing we have added a significant amount of new shareholders, bringing our total to 2,400. This is a great feat for a private company, and I’m very proud of my team’s ability to execute on the business plan so early on in the Company’s life cycle,” said Robert Anderson, CEO.
ABOUT GREEN ORGANIC DUTCHMAN
The Green Organic Dutchman Holdings Ltd. Produces Farm Grown, Pharma Grade Organic Cannabis. The Company grows high quality, organically grown medical cannabis in small batches using craft growing, all natural principles. The Green Organic Dutchman is licensed under the Access to Cannabis for Medical Purposes Regulations (ACMPR) to cultivate medical marijuana. The Company carries out its principal activities producing marijuana from its facilities in Hamilton, Ont., pursuant to the provisions of the ACMPR and the Controlled Drugs and Substances Act (Canada) and its regulations.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors — including the availability of funds, the results of financing efforts and the parties’ due diligence reviews, and general market conditions — that could cause actual results to differ materially from the Company’s expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: New feed