TORONTO--(BUSINESS WIRE)--January 24, 2024--
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the "Company" or "Organigram"), a leading licensed producer of cannabis, announced today that it has closed the first of three tranches of the previously announced
C$124,559,674 follow-on strategic equity investment (the "Investment") by BT DE Investments Inc. (the "Investor"), a wholly owned subsidiary of
British American Tobacco plc ("BAT"). Pursuant to the first tranche closing, the Investor acquired 12,893,175 common shares of the Company at a price of C$3.2203 per share (the "Per Share Price") for gross proceeds of C$41,519,891. The remaining 25,786,350 shares subscribed for shall be issued at the Per Share Price in two further equal tranches on or around
August 30, 2024 and
February 28, 2025