The Green Organic Dutchman Provides Update on Aurora Milestone Option
04 September 2018 - 1:00PM
The Green Organic Dutchman Holdings Ltd. (the
"
Company" or “
TGOD”)
(TSX:TGOD) (US:TGODF) announces it has agreed with
Aurora Cannabis Inc. (“
Aurora”) (TSX:ACB) to
extend Aurora’s exercise deadline of its first milestone option
(the “Milestone Option”) under the TGOD Aurora Investor Rights
Agreement by 6 weeks to October 12, 2018. The first Milestone
Option entitles Aurora to acquire an additional 8% of the common
shares of the Company.
For more information on the terms of Aurora’s strategic
investment in TGOD, please view the press release from January 5th,
2018 here.
Further to the Investor Rights Agreement between TGOD and
Aurora, dated January 12, 2018, the first Milestone Option was
triggered on August 2, 2018, 90 days after TGOD’s initial public
offering which closed on May 2, 2018. Under the Investor Rights
Agreement, Aurora had 30 days to exercise the Milestone Option. The
parties have agreed to extend the term, such that the Milestone
Option will now expire on October 12, 2018.
“The Aurora partnership has been incredibly beneficial for both
parties to date,” said Brian Athaide, TGOD’s CEO. “In addition to
the organic supply agreement, the value of Aurora’s initial
investment has increased nearly five-fold. In turn, the assistance
provided by the Aurora team has helped accelerate our progress
across all divisions, and we look forward to continuing our
strategic partnership as we work towards building the largest
organic cannabis brand in the world,” continued Athaide.
Terry Booth, CEO of Aurora, added, “We are pleased with the
progress made at TGOD to date, as reflected by the significant
appreciation of our investment. We are now working with the TGOD
team on finalizing the details of our go forward partnership, and
we will continue to support them as they execute on their
strategy.”
On Behalf of the Board of
Directors,
The Green Organic Dutchman Holdings
Ltd.Brian AthaideChief Executive
Officer
ABOUT THE GREEN ORGANIC DUTCHMAN
HOLDINGS LTD.
The Green Organic Dutchman Holdings Ltd. is a research &
development company licensed under the Access to Cannabis for
Medical Purposes Regulations (“ACMPR”) to cultivate medical
cannabis. The Company carries out its principal activities
producing cannabis from its facilities in Ancaster, Ont., pursuant
to the provisions of the ACMPR and the Controlled Drugs and
Substances Act (Canada) and its regulations.
The Company grows high quality, organic cannabis with
sustainable, all-natural principles. TGOD's products are laboratory
tested to ensure patients have access to a standardized, safe and
consistent product. TGOD has a funded capacity of 170,000 kg and is
building 1,382,000 sq. ft. of cultivation facilities in Ontario,
Quebec and Jamaica.
The Company has developed a strategic partnership with Aurora
Cannabis Inc. (ACB.TO) whereby Aurora has invested approximately
C$78.1 million for an approximate 17.5% stake in TGOD. In addition,
the Company has raised approximately C$350 million dollars and has
over 20,000 shareholders.
TGOD’s Common Shares and warrants issued under the indenture
dated November 1, 2017 trade on the TSX under the symbol "TGOD" and
“TGOD.WT”, respectively.
CONTACT INFORMATIONInvestor Relations
Email: invest@tgod.ca Phone: 1 (416) 900-7621 www.tgod.ca
Forward-Looking Information Cautionary
Statement
This news release includes statements containing
certain "forward-looking information" within the meaning of
applicable securities law ("forward-looking statements"). Forward
looking statements in this release includes, but is not limited to,
statements about the future legalization of recreational cannabis
and cannabis-infused products in Canada, statements about the
offering of any particular products by the Company and statements
regarding the future performance of the Company. Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions.
Various assumptions were used in drawing the conclusions or making
the projections contained in the forward-looking statements
throughout this news release. Forward-looking statements are based
on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. The Company is under no obligation, and
expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law. Neither TSX nor its Regulation Services
Provider (as that term is defined in the policies of Toronto Stock
Exchange) accept responsibility for the adequacy or accuracy of
this release.