Late last month, the company entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp that has agreed to purchase 29,334,000 units at a price of C$0.75 per unit.
TGOD said it intends to use the proceeds to complete the construction of its processing facility in Ancaster, Ontario and for general corporate purposes.
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The company now is offering up 32 million shares at the same unit price for total proceeds of C$24 million, according to a statement.
Each unit shall consist of one common share and one-half of one common share purchase warrant. Each warrant shall be exercisable to acquire one common share for a period of 36 months from the closing of the transaction at an exercise price of C$1 per warrant.
TGOD has granted the underwriters an option to purchase up to an additional 4.8 million units at a price of C$0.75 per unit, exercisable at any time, for a period of 30 days -- which would result in additional proceeds of up to about C$3.6 million.
The units will be offered by way of a short form prospectus, to be filed in all provinces of Canada except Quebec. The offering is expected to close on December 17.
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