Yes.."The Green Organic Dutchman Closes Sale of its Quebec Facility, and retires Senior Term Debt"...
Wed, June 23, 2021, 6:00 AM
--Sale of Quebec Facility to Cannara Biotech Inc. completed
--TGOD enters into leaseback agreement
--TGOD repaid and eliminated senior term debt
TORONTO, June 23, 2021 /PRNewswire/ - The Green Organic Dutchman Holdings Ltd. (the "Company" or "TGOD") (TSX: TGOD) (US-OTC: TGODF), a leading producer of premium certified organically grown cannabis, is pleased to announce that its wholly owned Quebec subsidiary Medican Organic Inc. ("Medican") has completed the previously announced sale (the "Transaction") of the majority of its assets in Valleyfield, Quebec (the "Quebec Facility"), including all industrial and agricultural land, main hybrid greenhouse, rooftop greenhouse, all support buildings and certain related equipment, to Cannara Biotech (OPS) Inc. (the "Purchaser") for the $27 million purchase price contemplated in the purchase and sale agreement relating to the Transaction. In addition, Medican received a $5.7 million deposit refund from Hydro-Quebec.
Concurrent with the closing of the Transaction, TGOD repaid approximately $31.8 million to its senior lender to settle all of its outstanding obligations and terminated the loan agreement with such lender.
As also agreed to with the Purchaser, Medican entered into a lease with the Purchaser concurrent with the closing of the Transaction, for approximately 80,000 square feet of cultivation and processing space in the Quebec Facility.
BMO Capital Markets acted as exclusive representative and financial advisor to the Company in connection with the Transaction, and Langlois Lawyers LLP acted as TGOD's legal counsel.
About The Green Organic Dutchman Holdings Ltd.
