The Green Organic Dutchman (TSX: TGOD) this morning announced that it has finally closed its previously announced bought deal financing. The financing, originally for $15 million, closed on an oversubscribed basis.
In total, the company managed to raise total gross proceeds of $17.25 million through the sale of 43.1 million units of the company at a price of $0.40 per unit. Each unit consists of one common share and one common share purchase warrant, which has an expiry of 48 months and an exercise price of $0.50 per share.
The company has indicated that the funding provided by the latest financing round will give them the “financial runway we need until we become operating cash flow positive,” which is expected to occur later this year. The funds themselves have been indicated to be directly used to pay off accounts payable, some of which is related to construction at its facilities, as well as to fund operating cash flows and general corporate purposes.
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The Green Organic Dutchman last traded at $0.42 on the TSX.
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.
