Green Organic Dutchman Adds C$17 Million On Red Hot IPO

The Green Organic Dutchman Holdings Ltd. (TSX:TGOD) announced that it has issued an additional 4,726,500 units at $3.65 per Over-Allotment Unit raising additional aggregate gross proceeds of $17,251,725 pursuant to the exercise of the over-allotment option. This option was which was associated with the recent IPO granted to a syndicate of agents co-led by Canaccord Genuity Corp. as sole bookrunner and PI Financial Corp., and including Industrial Alliance Securities Inc., INFOR Financial Inc., Echelon Wealth Partners Inc. and Mackie Research Capital Corporation.

With the Over-Allotment Option, TGOD will have raised aggregate gross proceeds of $132,263,225 under the IPO by issuing an aggregate of 36,236,500 units of TGOD, including the Over-Allotment Units.

“We are extremely pleased with the markets’ support of our IPO, which is the largest to date on the TSX in the cannabis space. The additional funds will support the Company’s plans of becoming the world’s leading brand of organic cannabis. The further investments by Aurora Cannabis Inc. (ACBFF) in both the IPO and the Over-Allotment Option bring Aurora’s total investment in the company to $78,145,562 and further validate TGOD’s business plan and value. The partnership with Aurora has been excellent with great cooperation across all departments of our organizations. We could not ask for a better partner,” said Robert Anderson, TGOD’s Co-Chairman and CEO.

In a company statement, TGOD noted that each Over-Allotment Unit consists of one common share and one-half of one common share purchase warrant. Each Warrant is exercisable into one Common Share at the price of $7.00 per Common Share until May 2, 2020, subject to an acceleration right whereby the Company may provide written notice to the registered holders of the Warrants  that the expiry time of the Warrants shall be accelerated to a date which is 30 days after the date of such Warrant Acceleration Notice, if, at any time, the volume-weighted average trading price for the Common Shares is equal to or greater than $9.00 for any ten (10) consecutive trading day period.

Stock Performance

The stock was priced at C$3.65 for the IPO and shot up to C$6.44. It has since pulled back and was lately trading at C$3.67.

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


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