|By Marketwired .||
|August 24, 2014 11:19 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/24/14 -- OrganiGram Holdings Inc. (TSX VENTURE: OGI) (formerly, Inform Exploration Corp.) (TSX VENTURE: IX) (the "Company" or "Inform") is pleased to announce that it has, effective August 22, 2014, completed its acquisition (the "Acquisition") of all of the issued and outstanding securities of OrganiGram Inc. ("OGI"), a New Brunswick licensed producer of medical marihuana. The Company is now, through its wholly owned subsidiary OGI, engaged in the licensed production of medical marihuana.
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".
In connection with the Acquisition, the Company completed two brokered private placement financings (the "Brokered Financings") of common shares for aggregate gross proceeds of approximately $4.3 million based on the sale of 5,058,172 shares at a price of $0.85 per share on a post-Consolidation basis. The Company engaged Jordan Capital Markets Inc. ("Jordan"), and Jacob Securities Inc. ("Jacob") to act as agents on a commercially reasonable efforts basis in connection with the Brokered Financings. As compensation for acting as agent, Jordan and Jacob each received a cash commission (the "Agent's Commission") equal to 6% of the gross proceeds raised (up to a maximum of $2.5 million), and compensation options (the "Agent's Options") entitling the agents to purchase shares (the "Agent's Shares") of the Company equal to 6% of the number of securities sold in the Brokered Financings (up to a maximum of $2.5 million), exercisable at a price of $1.00 per Agent's Share and expiring 12 months from closing of the Brokered Financings. The Agent's Options are subject to accelerated expiry, subsequent to the expiry of a 4 month and 1 day period from the closing of the Brokered Financings, should the common shares of the Company trade at a price of $1.50 per share or more for a period of twenty consecutive days.
Also in connection with the Acquisition, the Company completed a non-brokered private placement financing (the "Non-brokered Financing") of common shares for aggregate gross proceeds of approximately $3.2 million based on the sale of 3,805,277 shares at a price of $0.85 per share on a post- Consolidation basis. In connection with the Non-brokered Financing, the Company an aggregate of $64,260 in finder's fees, and issued finder's options entitling finders that assisted with the Non-brokered Financing to purchase an aggregate of 75,600 shares of the Company (the "Finder's Options"). The Finder's Options are exercisable at a price of $1.00 per Finder's Option and expire 12 months from closing of the Non-brokered Financing. The Finder's Options are subject to accelerated expiry, subsequent to the expiry of a 4 month and 1 day period from the closing of the Non-brokered Financings, should the common shares of the Company trade at a price of $1.50 per share or more for a period of twenty consecutive days.
Proceeds from the Brokered Financings and the Non-brokered Financing will be used for facilities development, marketing and working capital.
"The Team at OrganiGram is proud to have arrived at their go public date and wants to acknowledge the tremendous effort by all involved to make it possible," said Denis Arsenault, Chief Executive Officer of the Company, adding, "the listing on the TSX and the financing secured in the private placement ensures Management has the resources to execute its business plan and position OrganiGram Inc as the leader in the Medical Marijuana industry in Canada. As CEO, it has been a privilege to work with all involved in the effort to get us to this great point in the Company's history."
Medical marihuana has been legally available to Canadians upon the advice of a physician since 2001. Previously, medical marijuana was only available to individuals by applying for access to Health Canada's supplies, obtaining a personal-use production license, or designating a third party to cultivate marihuana on their behalf under license. With the introduction of the Marihuana for Medical Purposes Regulations, the Government of Canada has enabled the establishment of commercial marihuana production and sale by licensed producers.
The Company was incorporated under the Business Corporations Act (British Columbia) and is publicly traded on the TSX-V. The Company was formerly engaged in the acquisition, exploration and development of natural resource properties and has ceased all resource exploration activity.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
OrganiGram Holdings Inc.
Director of Investor Relations
OrganiGram Holdings Inc.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Aug. 4, 2015 02:00 PM EDT Reads: 382
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at @DevOpsSummit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, presented a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mocku...
Aug. 4, 2015 01:30 PM EDT
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Aug. 4, 2015 01:00 PM EDT Reads: 290
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Aug. 4, 2015 12:00 PM EDT Reads: 110
Graylog, Inc., has added the capability to collect, centralize and analyze application container logs from within Docker. The Graylog logging driver for Docker addresses the challenges of extracting intelligence from within Docker containers, where most workloads are dynamic and log data is not persisted or stored. Using Graylog, DevOps and IT Ops teams can pinpoint the root cause of problems to deliver new applications faster and minimize downtime.
Aug. 4, 2015 11:45 AM EDT
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Aug. 4, 2015 11:30 AM EDT Reads: 113
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
Aug. 4, 2015 09:30 AM EDT Reads: 112
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Aug. 4, 2015 08:45 AM EDT Reads: 256
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Aug. 4, 2015 07:00 AM EDT Reads: 224
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Aug. 3, 2015 11:00 PM EDT Reads: 702
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 3, 2015 06:45 PM EDT Reads: 546
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 17th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Com...
Aug. 3, 2015 03:30 PM EDT
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Aug. 3, 2015 03:00 PM EDT Reads: 569
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Aug. 3, 2015 12:30 PM EDT Reads: 215
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Aug. 3, 2015 07:30 AM EDT Reads: 200