Cannabis company The Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCMKTS:TGODF) said Friday that shareholders have approved a spinoff for international opportunities as well as the election of all five director nominees.
The Mississauga, Ontario-based company said in a press release after its annual meeting Thursday that shareholders gave thumbs-up to the spinoff of TGOD Acquisition Corp and a related, non-brokered, private placement offering raising gross proceeds of up to C$10 million.
READ: The Green Organic Dutchman outlines plans for a spin-off as it looks to expand internationally
The company added that director nominees Brian D. Athaide, Jeffrey J. Scott, Ian P. Wilms, Marc Bertrand and Nicholas G. Kirton were each approved by more than 99% of the votes cast. The slate was submitted in an information circular to shareholders on November 7.
"We are thrilled with the overwhelming support from shareholders," Jeff Scott, Green Organic’s board chairman, said in a press release.
Shares of the company climbed C$0.37 to C$3.17 in Friday’s Canadian trading. They advanced US$0.27 to US$2.37 on the OTC markets.
The shareholders also approved the appointment of KPMG LLP as auditor and the adoption of a 10% rolling share option plan.
Contact Dennis Fitzgerald at [email protected]