Organigram Conducts $60.1 Million Underwritten Financing

Organigram Holdings (TSX: OGI) (NASDAQ: OGI) is the latest cannabis operator to raise funds. The company announced this morning that it is conducting a $60.1 million underwritten public offering through that of Canaccord Genuity Corp.

The financing wil see a total of 32,500,000 units of the company purchased at a price of $1.85 a unit. Each unit contains one common share and one half of a common share purchase warrant. Each warrant is good for a period of three years from the date of issue and contains an exercise price of $2.50 per share.

An over allotment option has also been granted, which is valid for a period of thirty days and will enable the financing to be increased by up to 15%. The financing is anticipated to close on November 12, with net proceeds to be used to repay debt along with working capital and general corporate purposes.

Organigram Holdings last traded at $1.60 on the Nasdaq.


Information for this briefing was found via Sedar and Organigram Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Altamira Gold Encounters Porphyritic Intrusive Rocks In Initial Scout Drilling At Regional Targets

Related News

Organigram Sees BAT Plan To Increase Stake To 45% With $124 Million Investment

While Canopy Growth (TSX: WEED) may have lost the interest of its major investor Constellation...

Monday, November 6, 2023, 09:04:39 AM

Organigram Lays Off 400 Employees Due To COVID-19

Organigram Holdings (TSX: OGI) (NASDAQ: OGI) has laid off 45% of its workforce which represents...

Monday, April 6, 2020, 08:10:53 PM

Organigram Shares Slump On Q4 2023 Financials: Net Loss Widens By 437%

Organigram Holdings (TSX: OGI) saw a decline in its share price as the firm reported...

Tuesday, December 19, 2023, 09:41:35 AM

Organigram Signs Distribution Agreement With Shoppers

Organigram Holdings (TSX: OGI) (NASDAQ: OGI) is working on strengthening its distribution lines. The company...

Thursday, January 16, 2020, 09:18:20 AM

Organigram, Delta 9 to Move to Toronto Stock Exchange

Organigram Holdings (TSXV: OGI) (NASDAQ: OGI) and Delta 9 Cannabis (TSXV: DN) both announced this...

Thursday, August 8, 2019, 09:20:13 PM