The Green Organic Dutchman Holdings Announces $10 Million Non-Brokered Financing
ANCASTER, ON–(Marketwired – November 25, 2016) –
The Green Organic Dutchman Holdings Ltd, the parent company of the The Green Organic Dutchman Ltd. (‘TGOD”) is pleased to announce the details of a proposed equity financing to raise a minimum of $10,000,000.
The Company is conducting a financing on best efforts basis to sell 20,000,000 common shares (the “Shares”) at a price of $0.50 per Share for aggregate gross proceeds of $10.0 million (the “Offering”) The Company has limited the maximum allowable allocation, for 60% of the offering, to $10,000 per investor. Subject to, and in addition to any statutory resale restrictions, the Shares will be subject to a 6-month escrow period commencing from the first day TGOD shares (or derivative thereof) become listed on an exchange.
This is a unique financing to retail shareholders that allows as many potential patients and users to participate, as an investor, in the upside of our Company.
Scott Skinner, Co-Founder & COO
GREEN ORGANIC DUTCHMAN HIGHLIGHTS:
- Highest quality Organic Medical Cannabis
- Currently licensed for 1,000 kg per year
- Large land package of 25 acres
- 2017 expansion plan of 12,500 kg additional production
A finder’s fee of 8% will be paid to certain parties for introducing qualified subscribers in relation to the Offering. The Shares will have the same terms and restrictions as the Offering.
The gross proceeds from the Offering will be used to fund expansion of production capacity, working capital and for general corporate purposes.
Closing of the Offering is expected to occur on or about December 15, 2016. The Offering is being made in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario pursuant to available exemptions from the prospectus requirements.
The common shares of the Company are not currently listed for trading on any exchange and, while the Company intends to list its share to trade on the TSX Venture exchange in 2017, there can be no assurance the Company will be listed on any exchange in the future.
ABOUT GREEN ORGANIC DUTCHMAN
The Green Organic Dutchman Ltd. Produces Farm Grown, Pharmaceutical Grade Organic Cannabis. The Company grows the highest quality Organic medical cannabis in small batches using craft growing, all natural and organic principles.
Green Organic Dutchman is licensed under the access to cannabis for medical purposes regulations (ACMPR) to cultivate medical marijuana. Green Organic carries out its principal activities producing marijuana from its facilities in Ancaster, Ont., pursuant to the provisions of the ACMPR and the Controlled Drugs and Substances Act (Canada) and its regulations.
Original press release: http://www.marketwired.com/press-release/the-green-organic-dutchman-holdings-announces-10-million-non-brokered-financing-2178549.htm