Less than 24 hours after announcing an at-the-market offering, The Green Organic Dutchman (TSX: TGOD) announced this evening that it is conducting a $10.0 million bought deal financing. The financing is to be underwritten by Canaccord Genuity Corp and Mackie Research Capital.
TGOD’s financing will see a total of 35,715,000 units of the company sold at a price of $0.28 each, with each unit containing one common share and one common share purchase warrant. Warrants will be exercisable at $0.35 per share, and are valid for a period of five years from the date of issuance.
An overallotment option also exists under the financing, enabling the underwriters to sell up to an additional 15% of units. The option is valid for up to thirty days after the close of the financing.
Proceeds from the financing are to be used for general corporate purposes. The financing is expected to close by December 9, 2020.
The announcement comes less than 24 hours after the company announced that it will be conducting a $15.0 million at the market financing in a bid to raise further funds for company coffers. That financing is said to see net proceeds used for general corporate purposes, working capital, and the repayment of indebtedness.
The Green Organic Dutchman last traded at $0.33 per share.
Information for this briefing was found via Sedar and The Green Organic Dutchman. 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.
2 Responses
Worst fucking garbage stock & company ive ever seen in my 67 yrs on earth. DISGRACE.!!! Should all be put in jail
Is tgod management embarrassed yet…just keep raising money with little to show for it, be nice to see their annual salary including the perks…may be legal but hardly ethical