TGOD Announces Conditional Approval of Listing Application on the Canadian Securities Exchange and Pending Voluntary Delisting from the Toronto Stock Exchange
TORONTO, Aug. 26, 2021 /CNW/ - The Green Organic Dutchman Holdings Ltd. ("TGOD" or the "Company") (TSX: TGOD) (US: TGODF), a leading producer of premium certified organically grown cannabis, announces today that the Company intends to list its common shares (the "Common Shares") and listed Common Share purchase warrants (the "Warrants") on the Canadian Securities Exchange (the "CSE"), and has received conditional approval from the CSE to do so. The Company is currently addressing all outstanding items to receive final approval of its application (the "Listing Application") to list its Common Shares and Warrants on the CSE (the "CSE Listing").
Pursuant to Part VII, Section 720 of the Toronto Stock Exchange (the "TSX") Company Manual, the Company has also submitted an application to the TSX to voluntarily delist (the "Voluntary Delisting Application") its Common Shares and Warrants. The Voluntary Delisting Application is subject to TSX approval.
The board of directors and management of the Company believe that listing the Common Shares and Warrants on the CSE will be beneficial to the Company and its securityholders, as a result of the Company being subject to reduced filing fees and obligations. In line with recent corporate objectives, the CSE Listing will allow the Company to accelerate plans for an entry into the United States ("U.S.") market. As mentioned in the Company's most recent quarterly results communication, initial discussions have commenced with approximately half a dozen groups in the U.S., in respect of the Company's plans to enter into the U.S. market. In order to advance these discussions, the CSE Listing is vital to show credibility in terms of being able to make an investment or complete a transaction.
"We are motivated to advance our discussions past the initial phase and look forward to sharing our plans with investors as the opportunities progress," said Sean Bovingdon, Chief Executive Officer and Interim Chief Financial Officer of TGOD. "We will look to partner with entities that can build on our halo and benefit from our experience and intellectual property, while allowing for synergies to make any agreement accretive in the short term and long term. There are about 1,600 craft growers in the U.S. in the Clean Green Directory, which we feel could benefit from our CleanCraftTM growing process and capabilities."
The Voluntary Delisting Application is not expected to have any impact on the Corporation's ongoing operations, nor on its ability to raise further funds, if required, to progress the continued development of its projects.
The Voluntary Delisting Application is being made in conjunction with and is subject to the Company receiving final approval from the CSE for the CSE Listing. There is no guarantee that the CSE will approve the Company's Listing Application. If the Company's Listing Application receives final approval by the CSE, it is the Company's intention to take all reasonable and prudent steps, as required and with assistance and cooperation from the CSE and the TSX, to list the Company's Common Shares and Warrants on the CSE without interruption or delay. As a result, the Company is expecting the delisting of its Common Shares and Warrants from the TSX to be effective at the close of business on September 10, 2021, and the listing of its Common Shares and Warrants on the CSE to be effective on September 13, 2021. After this change, the Common Shares and Warrants will only be available for trading on the CSE.
Securityholder approvals of the Voluntary Delisting Application and the CSE Listing are not required.
About The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US-OTC: TGODF) is a premium certified organically grown cannabis company focused on the health and wellness market. Its organic cannabis is cultivated in living soil, as nature intended. The Company is committed to cultivating a better tomorrow by producing its products responsibly, with less waste and impact on the environment. Its Canadian facilities have been built to LEED certification standards and its products are sold in recyclable packaging. In Canada, TGOD sells dried flower and oil, and recently launched a series of next-generation cannabis products such as hash, vapes, organic teas and dissolvable powders. Through its European subsidiary, HemPoland, the Company also distributes premium hemp CBD oil and CBD-infused topicals in Europe. By leveraging science and technology, TGOD harnesses the power of nature from seed to sale.
As of today's date, TGOD's Common Shares and Warrants issued under the indentures dated December 19, 2019, June 12, 2020, October 23, 2020 and December 10, 2020 trade on the TSX under the symbols "TGOD", "TGOD.WS", "TGOD.WR", "TGOD.WA", and "TGOD.WB" respectively, and TGOD'S Common Shares trade in the US on the OTCQX under the symbol "TGODF". For more information on The Green Organic Dutchman Holdings Ltd., please visit www.tgod.ca.
Cautionary Statements
This news release includes statements containing certain "forward–looking information" within the meaning of applicable securities law ("forward–looking statements"). Forward looking statements in this release include, but are not limited to, statements about the listing of the Common Shares and Warrants on the CSE, delisting of the Common Shares and Warrants from the TSX, final approval to be obtained from the CSE and the TSX, expansion of the Company into other jurisdictions including the United States, any added benefits of the Company's expansion into other jurisdictions, status of discussions with other parties relating to entry into the U.S. market, synergies with potential partners, and creating added shareholder value. Forward–looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "should", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward–looking statements throughout this news release. Forward–looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties (including market conditions) and other factors that could cause actual events or results to differ materially from those projected in the forward–looking statements, including those risk factors described in the Company's most recent Annual Information Form filed with Canadian securities regulators and available on the Company's issuer profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward–looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither the TSX nor the TSX's Regulation Services Provider (as that term is defined in the policies of TSX) accept responsibility for the adequacy or accuracy of this release.
SOURCE The Green Organic Dutchman Holdings Ltd.
CONTACT INFORMATION: Media Relations: Karine Cousineau, [email protected]; Investor Relations: Shane Dungey, [email protected], (403) 389-9911
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