Q1 Fiscal 2024 Capital Structure Review
BAT INVESTMENTS IN
ORGANIGRAM
•
March 2021 $221 million strategic investment from subsidiary of BAT for
19.9% equity interest in Organigram
•
Product Development Collaboration (PDC) with formation of a Center
of Excellence (COE) at our Moncton campus
Focused on developing the next generation of cannabis products, IP
and technologies
November 2023 - $124.6 million follow-on investment from subsidiary of
BAT in three equal tranches between January 2024 and February 2025 for:
45.0% economic interest in Organigram (accreting to maximum
•
.
of 49.0%), voting interest capped at 30.0% with maximum 30.0% Board rights
Private placement at C $3.2203/share2 yielding $124.6 million
Organigram to create a Strategic Investment Pool named Jupiter, to be
funded with C$83.1 million over the course of the three tranches of the
investment
Jupiter will target investments in emerging cannabis
opportunities that enable Organigram to apply industry-leading capabilities
to new markets, thus expanding its global footprint
•
$41.5 million proceeds for general corporate purposes
First $41.5 million tranche closed in January 2024
1. Calculated on a non-diluted basis.
2. On the last trading day pre-announcement (November 3, 2023) of the
transaction. Organigram shares closed at C$1.59/share on the Toronto Stock
Exchange.
ORGANIGRAM
BAT
ORGANIGRAM
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