Los Angeles, California--(Newsfile Corp. - January 16, 2025) - OG DNA Genetics Inc. (the "Corporation") announced today the results of its substantial issuer bid (as varied and extended on November 8, 2028, December 2, 2024 and December 16, 2024, the "Offer") to purchase for cancellation from the holders thereof who chose to participate up to US$300,000 in value of its issued and outstanding common shares in the capital of the Corporation (the "Common Shares"). The Offer expired at 5:00 p.m. (Toronto time) on January 6, 2025.
Based on the report of Odyssey Trust Company, as depositary for the Offer (the "Depositary"), an aggregate of 10,818,686 Common Shares were tendered to the Offer. In accordance with the terms and conditions of the Offer and based on the Depositary's report, the Corporation has taken up and will pay for 10,818,686 Common Shares at a purchase price of US$0.005 per Common Share for an aggregate purchase price of US$54,093.43. All Common Shares purchased by the Corporation under the Offer will be cancelled in due course. The Common Shares purchased under the Offer represent approximately 9.23% of the Common Shares issued and outstanding before giving effect to the Offer. After giving effect to the cancellation of the Common Shares purchased by the Corporation under the Offer, 106,381,244 Common Shares are expected to be issued and outstanding.
The Corporation has proceeded to make payment for the Common Shares tendered and accepted for purchase by tendering to the Depositary the aggregate purchase price payable on the Common Shares validly tendered, taken up and paid for under the Offer, all in accordance with the Offer and applicable laws. Payment to shareholders for the Common Shares will be made in cash, without interest, and will be completed by the Depositary as soon as practicable. Any Common Shares invalidly tendered will be returned to the tendering shareholder promptly by the Depositary.
The full details of the Offer are described in the Corporation's offer to purchase and issuer bid circular dated September 27, 2024, and the related letter of transmittal, as well as the related notices of variation and extension dated November 8, 2028, December 2, 2024, and December 16, 2024, copies of which were previously delivered and made available to shareholders of the Corporation.
This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell any Common Shares.
ABOUT OG DNA GENETICS INC.
DNA was rooted in Los Angeles and founded in Amsterdam in 2004 by Don Morris and Aaron Yarkoni. Over the last decade, the Corporation has built and curated a seasoned genetic library and developed proven standard operating procedures for genetic selection, breeding, and cultivation. In a world that is increasingly opening up to commercial cannabis activity, DNA is positioned to become the first, truly geographically-diversified company with multiple partnerships with top-licensed producers and brands that have built their companies and global presence utilizing the "Powered by DNA" model. For more information, please visit www.dnagenetics.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rezwan Khan
rezwan@dnagenetics.com
619-250-5445
Cautionary Statements
Forward-looking statements are included in this news release. These forward-looking statements are identified by the use of terms such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and "should" and similar terms and phrases, including references to assumptions. Such statements may involve but are not limited to, the Corporation's plans, objectives, expectations and intentions, including statements with respect to the cancellation of Common Shares purchased under the Offer and the number of Common Shares issued and outstanding after giving effect to such cancellation, the timing of payment to be completed by the Depositary, and other comments with respect to future actions. Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and uncertainties. Any forecasts, predictions or forward-looking statements cannot be relied upon due to, among other things, changing external events and general uncertainties of the business and its corporate structure. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons. The forward-looking statements contained herein are subject to change. However, the Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell any securities of the Corporation. The solicitation and the offer to purchase common shares of the Corporation will only be made pursuant to the formal offer to purchase and issuer bid circular and other related documents.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237391
