ANCASTER, ON--(Marketwired - December 05, 2016) -
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The Green Organic Dutchman Holdings Ltd, the parent company of the The Green Organic Dutchman Ltd. ("TGOD") is pleased to announce that due to increased demand it has upsized the previously announced private placement of $10 million common shares at $0.50 per share to $12 million (the "Offering").
The Company has also signed an engagement letter with PI Financial Corp. ("PI") pursuant to which PI will act as the sole lead agent in respect of $6.5 million of the Offering (the "Brokered Offering"), with the remaining $5.5 million being sold on a non-brokered basis. As compensation for acting as agent, PI will receive a commission of 8% of the gross proceeds of the Brokered Offering, payable by the issuance of common shares of TGOD.
Closing of the Offering is expected to occur on or about December 15, 2016.
ABOUT THE 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.
ABOUT PI FINANCIAL CORP.
PI Financial is a full service investment firm providing services to over 50,000 individual, corporate and institutional investors. PI is a leading Canadian investment bank for small to mid-cap companies with expertise in the resource, energy, technology, industrial products, transportation, and consumer sectors. PI's Capital Markets Group covers over 400 institutional accounts throughout North America and Europe and includes 30 experienced professionals in research, investment banking, sales and trading offices in Vancouver, Toronto and Calgary.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors -- including the availability of funds, the results of financing efforts and the parties' due diligence reviews, and general market conditions -- that could cause actual results to differ materially from the Company's expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.