Organigram announces C$65.2M BAT private placement investment

Organigram Global (OGI) announced that it has entered into a subscription agreement with BT DE Investments, a wholly-owned subsidiary of British American Tobacco (BTI), in connection with its previously announced proposed acquisition of Sanity Group, including shares of Sanity owned by BAT. The terms of the Subscription Agreement provide for the subscription by BAT for 14,027,074 shares of Organigram at a price of C$3.00 per share, for gross proceeds of C$42.08M, and also the exercise of certain existing top-up rights to subscribe for 9,897,356 Shares at a price of C$2.335854 per share, for gross proceeds of C$23.12M and for total gross proceeds of C$65.2M. ATB Financial is acting as sole lead arranger and bookrunner.