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TORONTO, Dec. 3, 2020 /CNW/ - The Green Organic Dutchman Holdings Ltd. (the "Company" or "TGOD") (TSX:TGOD) (OTC:TGODF), a leading producer of premium certified organically grown cannabis, is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. and Mackie Research Capital Corp. (the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a bought deal basis an aggregate of 35,715,000 units (the "Units"). The Units will be issued at a price of C$0.28 per Unit (the "Offering Price") for aggregate gross proceeds to the Company of approximately C$10 million (the "Offering").
Each Unit will consist of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will be exercisable to acquire one Common Share (a "Warrant Share") for a period of 5 years following the closing of the Offering (the "Closing") at an exercise price of C$0.35 per Warrant Share.
The Company has granted the Underwriters an option (the "Over-Allotment Option"), to purchase additional Units from the company equal to a further 15% of the number of Units sold pursuant to the Offering at the Offering Price, exercisable at any time, for a period of 30 days after and including the Closing Date.
The Company intends to use the net proceeds of the Offering for general corporate purposes.
The Units will be issued pursuant to a prospectus supplement that will be filed with the securities regulatory authorities in all provinces of Canada except Quebec under Company's base shelf prospectus dated November 27, 2020.
The Offering is expected to close on or about December 9, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
