- BMO’s block offering of TGOD’s shares was fully subscribed
- TGOD’s CEO commented on the mutual benefits presented by the Aurora transaction
- Investment interest in TGOD has been heightened following completion of the transaction
In the wake of The Bank of Montreal’s (BMO) completion of a block trade of Aurora Cannabis (TSX: ACB) (NYSE: ACB) held shares of The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF), leadership is reportedly pleased to see that 28.8 million overhanging shares remaining from that transaction have been successfully placed, predominately with institutional asset managers.
Through a transaction with BMO, a block trade of 4.8 million shares was completed on Friday, September 6, at $2.96, clearing the remaining shares. Approximately 55-65 percent of the total block of shares was placed in the hands of institutional asset managers, with the balance being taken by retail investors. This transaction was felt by both parties to be beneficial to their long-term strategic goals. Due to the repatriation of TGOD’s premium organic cannabis, which was previously designated for Aurora, the transaction brings significant revenue and gross margin gains for TGOD. ACB continues to show its support for TGOD by maintaining over 16.6 million purchase warrants (http://ibn.fm/D5LKg).
“Aurora has been an excellent partner during TGOD’s build out phase; their investment was instrumental in our success,” Brian Athaide, CEO of TGOD, stated in a news release (http://ibn.fm/ewIIy). “The relationship added tremendous value across multiple areas of collaboration, including the initial design and construction of our Canadian facilities. This is the right next step in the relationship as both companies mature and our respective strategies evolve, also providing TGOD with new institutional investors.”
This clearing of the stock overhang enables TGOD to increase its number of institutional holders, and industry analysts have described TGOD’s stock as “a screaming deal” for interested investors.
TGOD is a publicly traded, premium global organic cannabis company with operations focused on medical cannabis markets in Canada, Europe, the Caribbean and Latin America, as well as the Canadian adult-use market.
For more information, visit the company’s website at www.TGOD.ca
NOTE TO INVESTORS: The latest news and updates relating to TGODF are available in the company’s newsroom at http://ibn.fm/TGODF