Business
Organigram closes $5 Million investment in European hemp and CBD producer Eviana
Organigram closes $5 Million investment in European hemp and CBD producer Eviana C...
About this update from Organigram Global Inc.
[{"type":"text","content":"\n\n\n\nOrganigram closes $5 Million investment in European hemp and CBD producer Eviana\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONCTON, NB, Oct. 2, 2018\n\n\n\nMONCTON, NB, Oct. 2, 2018 /CNW/ - Organigram Holdings Inc. (TSX VENTURE: OGI) (OTCQX: OGRMF), the parent company of Organigram Inc. (the \"Company\" or \"Organigram\"), a leading licensed producer of medical marijuana, is pleased to announce that is has closed the previously-announced private placement investment in Eviana Health Corporation (\"Eviana\" or the \"Issuer\").\n\n \n \n\n \nOrganigram along with an institutional strategic investor each participated 50% in a $10 million debenture offering (the \"Debenture Offering\") by Eviana.\n\"Our investment in Eviana represents just the beginning of our international aspirations\" said Greg Engel, CEO of Organigram, \"but is representative of our approach to work with trusted local partners to both move quickly with boots on the ground and to navigate regional regulatory issues effectively\".\n\"In Organigram we have a strategic ally that will join us as we continue to capitalize on the international CBD market into the future. We have also strengthened our balance sheet as we scale up our production operation and fund our ambitious future growth plans in the international CBD market,\" stated Avram Adizes, Chief Executive Officer of the Eviana.\nBoard Representation \nIn connection with the closing of the Debenture Offering, Organigram has been granted board representation rights, pursuant to which Eviana has agreed to include one Organigram designated candidate for election to the board of directors of the Issuer and include this candidate in the slate of nominees recommended to shareholders at any annual or special meeting of the shareholders at which directors are to be elected.  This board seat shall be occupied by Mr. Paolo De Luca, Chief Financial Officer of Organigram. \nOfftake Sales Agreement \nOrganigram shall have the right, but not the obligation, to purchase up to and including 25% (the \"Offtake Percentage\") of the...