Green Organic Dutchman sued over warrant delay

2019-07-19 10:47 ET - Street Wire

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by Mike Caswell The Green Organic Dutchman Holdings Ltd. is facing a lawsuit in the Supreme Court of British Columbia from a group of early shareholders who complain about delays with warrants they held. They say that they held warrants that were well in the money that they wanted to exercise. When they attempted to do so, The Green Organic Dutchman blocked the transaction for six months, they claim. The allegations are contained in a notice of claim filed at the Vancouver courthouse on July 15, 2019. The plaintiffs, a group of subscribers in a 2017 private placement, are Iostesso Holdings Inc., 2 Chisholm Court Property Inc., PT Enterprises Inc. and Jonathan Wener. The sole defendant is The Green Organic Dutchman, a medical marijuana listing with an office in Mississauga, Ont. The case stems from a March 22, 2017, private placement that occurred well before The Green Organic Dutchman had obtained a listing. Subscribers to the placement purchased units at $1.15 and received warrants that were exercisable at $2.15. According to the suit, the warrants were to be exercisable on April 4, 2017, and the resulting shares would be tradable on April 4, 2018.

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