NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES NEWS WIRE SERVICES
TORONTO, June 05, 2018 (GLOBE NEWSWIRE) -- The Green Organic Dutchman Holdings Ltd. (the “ Company ” or “ TGOD ”) (TSX: TGOD ) announces that it has elected to accelerate the expiry of the certain warrants (the “ Warrants ”) of the Company issued under the Warrant Indenture dated March 24, 2017 (the “ Warrant Indenture ”) expiring March 24, 2019 pursuant to the $1.15 private placement that closed in March 2017. The Warrants will now expire at 4:00 p.m. (Eastern time) on Friday July 6, 2018 . Each Warrant entitles the holder to purchase one common share of the Company at a price of $2.15 per share.
Pursuant to section 2.2(5) of the Warrant Indenture, the Company has the right to accelerate the expiry date of the Warrants in the event that the volume weighted average trading price of the Company’s common shares is equal to or exceeds $2.80 for a period of ten (10) consecutive trading days on the Toronto Stock Exchange (the “ Acceleration Event ”).
This press release constitutes notice that the Acceleration Event has occurred and the Company has elected to accelerate the expiry date of the Warrants in accordance with the terms of the Warrant Indenture to the date that is thirty (30) days after the date hereof, being July 6, 2018. This notice only affects warrants issued under the Warrant Indenture dated March 24, 2017 and not any other warrant indenture pursuant to which the Company has issued warrants .
Investors should note that pursuant to section 3.3(5) of the Warrant Indenture all shares that are issued pursuant to exercise of the Warrants are subject to a contractual escrow hold period and cannot be traded until May 2, 2019 and accordingly the shares shall bear such a restrictive legend .
Warrant holders may exercise their rights to acquire common shares on or before 4:00 p.m. (Eastern time) on July 6, 2018 by observing the process as set out in the Warrant Indenture and the reverse-side of the Warrant certificates. Warrant exercises in good order must be received, along with a certified cheque, bank draft or money order payable to “The Green Organic Dutchman Holdings Ltd.” for the exercise price in Canadian dollars only, by the warrant agent at: Computershare Trust Company of Canada (Attention: Corporate Action), at 3 rd Floor, 510 Burrard St., Vancouver, BC, V6C 3B9, by no later than 4:00p.m. (Eastern time) on July 6, 2018, failing which the Warrants will expire.
On Behalf of the Board of Directors,
The Green Organic Dutchman Holdings Ltd. Robert Anderson Chief Executive Officer and Co-Chairman
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 116,000 kg and is building 970,000 sq. ft. of cultivation facilities in Ontario and Quebec.
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. To date, the Company has raised approximately C$315 million dollars and has over 5,000 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.
CONTACT INFORMATION
Investor Relations Email: invest@tgod.ca Phone: 1 (416) 900-7621
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities of TGOD have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws. Accordingly, the securities of TGOD may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of TGOD in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward-Looking Information Cautionary Statement This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward looking statements in this release includes statements regarding production capacity, products and future share price. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of Toronto Stock Exchange) accept responsibility for the adequacy or accuracy of this release.
