The Green Organic Dutchman Holdings Ltd. (TGOD) has filed an amendment to its proposed initial public offering (IPO).
The Green Organic Dutchman Holdings intends to issue a minimum of 20,547,945 units and a maximum of 27,397,260 units priced at $3.65 per unit for minimum gross proceeds of $75 million and maximum gross proceeds of $100 million. TGOD has granted an over-allotment option of 4,109,589 units which will bring the maximum gross proceeds of $115 million if the over-allotment option were exercised in full.
Canaccord Genuity Corp. is leading the underwriting syndicate that consists of PI Financial Corp., Industrial Alliance Securities Inc., INFOR Financial Inc., Echelon Wealth Partners Inc., and Mackie Research Capital Corporation. McMillan LLP and Miller Thomson LLP are acting as legal counsel to Green Organic Dutchman ad the agents respectively.
Green Organic Dutchman Holdings has applied to list its shares and warrants on the Toronto Stock Exchange (TSX).
Green Organic Dutchman Holdings currently has 159,074,627 common shares issued and outstanding or 246,671,207 shares, including 33,333,334 share to be issued to Aurora Cannabis Inc. (TSX: ACB), on fully diluted basis.
At the offering price and assuming maximum offering and full exercise of over-allotment option, The Green Organic Dutchman Holdings would be valued at $1.015 billion.
2249606 Ontario Ltd., a wholly-owned subsidiary of 2249605 Ontario Ltd., is the single largest shareholder controlling 31,350,000 shares (19.70%) prior to the offering. Jeff Paikin through The Jeffrey Paikin Family Trust, Terry Line, Greg Boone, Ian Wilms through The Ian Wilms Family Trust are the shareholders of 2249605 Ontario.
Aurora Cannabis, upon converting of 33,333,334 subscription receipts (acquired at price of $1.65 per share), Aurora Cannabis would become the largest shareholder, holding 13.51% on fully diluted basis prior to the closing of the offering.
photo credit: Green Organic Dutchman