OrganiGram Completes Reverse Takeover and Financings

OrganiGram Holdings Inc. (TSXV:OGI) completed its acquisition of all the issued and outstanding securities of OrganiGram Inc., a licensed producer of medical marijuana. The move means that it is now “engaged in the licensed production of medical marihuana.”

The company also completed two brokered private placement financings for a total of $7.5 million.

As quoted in the press release:

The terms of the Acquisition, which was structured as a Reverse Takeover (“RTO”) under the rules and policies of the TSX Venture Exchange (the “TSX-V”), were previously announced by the Company in a release dated June 13, 2014. The shareholders of OGI received common shares of the Company (the “Inform Shares”) in exchange for their common shares of OGI (the “OGI Shares”) on the basis of 34,500,000 Inform Shares issued at a deemed price of $0.85 per Inform Share in exchange for the 18,678,496 OGI Shares (the “Share Exchange”) issued and outstanding. Immediately prior to the Share Exchange, the Company completed a consolidation of the issued and outstanding shares in the capital of Inform (the “Consolidation”) on a 1 to 0.8836 basis. The Company will resume trading on the TSX-V on August 25, 2014 under the symbol “OGI”.

Click here to read the full OrganiGram Holdings Inc. (TSXV:OGI) press release. marketwired