Organic Garage (TSX-V:OG) Ltd announced it has filed and received a final short form base shelf prospectus with the securities commissions for an offering of up to C$10 million.
The prospectus is issued for the provinces of Ontario, British Columbia, Alberta, Manitoba and Saskatchewan.
In a statement, the independent grocer said the company has filed the shelf prospectus to “maintain financial flexibility and efficient access to Canadian capital markets to pursue its growth initiatives,” but added it has no immediate intentions for an offering.
READ: Organic Garage reports higher 2Q gross profit following shift to decentralized distribution model
Organic Garage (TSX-V:OG) can now offer and issue up to C$10 million in shares, warrants, subscription receipts, units, or any combination of these during the 25-month period that the shelf prospectus is effective.
Additionally, Organic Garage said it had granted stock options to certain officers, directors, employees and consultants, to purchase an aggregate of 1,050,000 shares.
The options are exercisable for a period of five years from the date of grant (October 15, 2021) at a price per share equal to the closing price of the common shares of the company as of that date. The option will vest as to 25% on each of the date of grant and thereafter the three-month, six-month and, nine-month anniversaries of the date of grant.
Subject to acceptance by the TSX Venture Exchange, the grant of the options will result in a total 5,735,000 options outstanding.
Headquartered in Toronto, Organic Garage is one of Canada’s leading independent organic grocers and offers a wide selection of healthy and natural products at affordable prices.
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