Cannabis-focused research and development company The Green Organic Dutchman Holdings (TSX: TGOD) (OTC: TGODF) this morning announced that it intends to complete a spinoff transaction resulting in a new corporation that will be engaged in the acquisition and development of worldwide opportunities. Following consultations with numerous financial institutions, TGOD Acquisitions plans to execute a series of staged financings and acquisitions. The company intends to complete the spinoff through plan of arrangement, pursuant to which TGOD will distribute a dividend consisting of a warrant in the new corporation to shareholders. The company will distribute a warrant to acquire a TGOD Acquisitions unit, consisting of one share plus an additional warrant, to its shareholders for $0.50. The additional warrant will be triggered by a subsequent financing following the initial offering. The distribution will be paid on the basis of one warrant for every 6.67 TGOD shares owned on the record date, to be fixed by the Board of Directors of TGOD following satisfaction of the conditions for the arrangement.
“This is an incredible opportunity for TGOD to transfer expertise and monetize our proprietary knowledge from the Canadian marketplace. We will partner with innovative and disruptive companies that we can assist with capital market knowledge and unique retail-exclusive financing methods. The intention is to raise additional capital and list TGOD Acquisitions on the Canadian Securities Exchange. We are excited about this unique opportunity to reward our investors and provide additional value to TGOD shareholders,” The Green Organic Dutchman Holdings CEO Brian Athaide stated in the news release.
In addition, Mr. Brian Athaide, TGOD CEO, recently released a shareholder letter highlighting the progress and strengths of the company, and addressing the planned, and now ongoing, transition of CEO responsibilities from Robert Anderson to Mr. Athaide. (See http://nnw.fm/Xe34r for complete shareholder letter.)
To view the full press release, visit http://nnw.fm/7CZww
About the Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. is a research & development company licensed under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) to cultivate medical cannabis. The company carries out its principal activities producing cannabis from its facilities in Ancaster, Ont., pursuant to the provisions of the ACMPR and the Controlled Drugs and Substances Act (Canada) and its regulations. The company grows high quality, organic cannabis with sustainable, all-natural principles. TGOD’s products are laboratory tested to ensure patients have access to a standardized, safe and consistent product. TGOD has a funded capacity of 170,000 kg of cultivation facilities in Ontario and Quebec and Jamaica. The company has developed a strategic partnership with Aurora Cannabis Inc. (TSX: ACB) whereby Aurora has invested approximately C$78.1 million for an approximate 17.5% stake in TGOD. In addition, the company has raised approximately C$315 million dollars and has over 20,000 shareholders. TGOD’s common shares and warrants issued under the indenture dated November 1, 2017 trade on the TSX under the symbol “TGOD” and “TGOD.WT”, respectively. For more information, visit the company’s website at www.TGOD.ca
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