The Green Organic Dutchman Holdings Ltd. (TGOD) announced that it has filed an amended and restated preliminary long form prospectus with the securities regulatory authorities in each of the provinces of Canada in respect of its previously announced initial public offering (IPO). The company plans a minimum offering of $75 million with a maximum offering of $100 million through the issuance of a minimum of 20,547,945 units and a maximum of 27,397,260 units at a price of $3.65 per unit.
The IPO is being led by Canaccord Genuity Corp. as the sole bookrunner and co-led with PI Financial Corp., together with Industrial Alliance Securities Inc., INFOR Financial Inc., Echelon Wealth Partners Inc. and Mackie Research Capital Corporation as agents. To date, the company has raised approximately $160 million dollars and has over 4,000 shareholders.
TGOD grows high quality, organic medical cannabis with sustainable, all-natural principles and its products are laboratory tested to ensure patients have access to a standardized, safe and consistent product. Additionally, TGOD has a capacity to grow 116,000 kg of cannabis and is situated on approximately 175 acres of land between two of the most populated areas of Canada; Ontario & Quebec.
According to the company statement, each unit consists of one common share of the TGOD and one-half of one common share purchase warrant of the company. Each warrant is exercisable into one common share at the price of $7.00 per warrant Share, subject to adjustment, on or prior to 4:00 p.m. eastern time on the date that is the earlier of (i) 24 months after the Closing Date and (ii) the date specified in any Warrant Acceleration Notice. If, at any time, the volume-weighted average trading price of the common shares of the company is equal to or greater than $9.00 for any 10 consecutive trading day period, the company may provide written notice to Computershare Trust Company of Canada as warrant indenture trustee and the registered holders of warrants that the expiry time of the Warrants shall be accelerated to the date which is 30 days after the date of such Warrant Acceleration Notice, subject to TSX approval.