The Green Organic Dutchman Holdings Ltd. TGODF TGOD has closed an agreement of purchase and sale, of its leasehold improvements at the Puslinch facility with the landlord for $3 million. $2 million of the consideration will be paid to the company in cash, and $1 million of the consideration will settle previous loans advanced to the company by the landlord, including all accrued interest and transaction costs thereon. In connection with the transaction, the company has also agreed to an increase in rent of $25,000 a month for the remainder of the lease term on the Puslinch facility of approximately 19 years.
"TGOD is poised for substantial growth in 2022. We enjoy a great productive relationship with our landlord and this economically sensible transaction provides us with immediate additional working capital to fund our continued growth as we continue to focus on execution, and financial discipline," stated Sean Bovingdon, CEO of TGOD.
The company will release its Q1 2022 financial results following the market close on the evening of May 25, 2022, and hold a conference call with analysts on May 26, 2022, beginning at 10:00 a.m. (ET).
Photo: Courtesy of Ryan Lange on Unsplash
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