The Green Organic Dutchman Holdings Ltd. TGODF TGOD, announced that in accordance with certain earn-out provisions relating to the company's acquisition of all of the issued and outstanding shares of Galaxie Brands Corporation on November 17, 2021, the company has released 1.14 million common shares of the company held in an indemnity escrow account upon closing of the transaction, to two vendors of the Galaxie shares. The remaining 7.42 million common shares of the company held in the indemnity escrow account will be returned to treasury and cancelled.
In addition, pursuant to the terms of the definitive agreement relating to the acquisition of all of the issued and outstanding common shares of BZAM Holdings Inc. by the company, which closed on November 3, 2022, an aggregate of 1.12 million common shares of the company will be issued to the company's largest shareholder, at a deemed issuance price of $0.596 per BZAM Share. Such BZAM shares will be issued in reliance on certain prospectus exemptions available under securities legislation and will be subject to a four-month plus one day statutory hold period.
One of the vendors and the shareholder are insiders of the company, and therefore the issuance of released shares to such vendor, and the BZAM issuance are considered to be a "related party transaction" for purposes of Multilateral Instrument 61-101 – Protection of minority security holders in special transactions.
The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.
Photo by Tim Foster on Unsplash
Related News
Cannabis Businesses And Debts: Some Pot Companies Are Working Their Ways Through It
The Green Organic Dutchman Closes $5M Public Offering
The Green Organic Dutchman Q3 Revenue Grows 36% YoY, Here Are The Details
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.