MONCTON, NEW BRUNSWICK--(Marketwired - Oct. 12, 2016) - OrganiGram Holdings Inc. (TSX VENTURE:OGI)(OTCQB:OGRMF) (the "Company" or "OrganiGram") is pleased to announce the completion of its previously disclosed Licensing transaction with TGS International LLC ("TGS").
Pursuant to the agreement between the Company and TGS, which was originally disclosed on September 1, 2016, the TSX Venture Exchange ("TSXV") has approved, and the Company has issued 437,957 common shares to TGS at a deemed price of $1.37 per share. As per the terms of the agreement, the shares will be released to TGS according to an escrow schedule that relates to certain calendar and operational milestones.
"We are pleased to have finalized this transaction and look forward to continuing our work with TGS. Their technological knowledge and cannabis expertise are key for OrganiGram as we continue to focus on maximizing our production yields, streamlining our extraction processes, and continuing to develop and innovate our portfolio of high quality cannabis products," says Denis Arsenault, Chief Executive Officer of OrganiGram.
For more information, visit www.organigram.ca
About OrganiGram Holdings Inc.
OrganiGram Holdings Inc. is a TSX Venture Exchange listed company whose wholly owned subsidiary, OrganiGram Inc., is a licensed producer of medical marijuana in Canada. OrganiGram is focused on producing the highest quality, condition specific medical marijuana for patients in Canada. OrganiGram's facility is located in Moncton, New Brunswick and the Company is regulated by the Access to Cannabis for Medical Purposes Regulations ("ACMPR").
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain 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, crop yields - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). 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.