Organigram Provides Update on Debenture Conversion

About this update from Organigram Global Inc.

[{"type":"text","content":"\n\n\n\nOrganigram Provides Update on Debenture Conversion\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, March 27, 2019\n\n\n\nMONCTON, NB, March 27, 2019 /CNW/ - Organigram Holdings Inc. (the \"Company\") (TSX VENTURE: OGI) (OTCQX: OGRMF), today provided an update on its previously announced mandatory conversion (the \"Conversion\") of the Company's 6.0% convertible unsecured debentures due January 31, 2020 (the \"Debentures\") (OGI.DB).\n\n \n \n\n \nAs announced on February 27, 2019, the Company elected to exercise its right under the Debenture Indenture between the Company and the TSX Trust Company dated as of January 31, 2018 (the \"Indenture\") governing the Debentures, to convert all of the principal amount outstanding of the remaining Debentures on April 1, 2019 (the \"Conversion Date\") into common shares of the Company (the \"Common Shares\").\nPursuant to the terms of the Indenture, the Company may force the conversion of the aggregate principal amount of the outstanding Debentures at the conversion price of $5.42 per Common Share when the daily volume weighted average trading price of the Common Shares on the Exchange (\"VWAP\") for 10 consecutive trading days exceeds $7.05. As of the close of markets on February 26, 2019, the VWAP exceeded $7.05 for 10 consecutive trading days. The Company provided the holders of the Debentures with at least 30 days advance written notice of the Conversion.\nIn order to facilitate the Conversion, trading in the Debentures will be halted at the open of trading tomorrow, March 28, 2019, and the Debentures will be delisted from the Exchange effective at market close on March 29, 2019.\nThe Company's Common Shares (OGI) and Warrants (OGI.WT.A) will remain listed and continue to trade on the Exchange.\nSince the date of the announcement of the mandatory conversion by the Company, holders of the Debentures continued to voluntarily convert their Debentures in accordance with the terms of the Indenture.  Since their issuance on January 31, 2018, $96.2 million of the Debentures have been volunta...

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