TORONTO, Dec. 18, 2017 /CNW/ - Supreme Pharmaceuticals Inc. ("Supreme" or the "Company")(TSXV: FIRE) is pleased to announce that is has changed its name to "The Supreme Cannabis Company, Inc." effective today. The name change was approved by the shareholders of the Company at the annual general and special meeting of shareholders held earlier
The Company is also pleased to announce that it will be giving notice to holders of its 10% unsecured convertible debentures due 2019 (the "Convertible Debentures") that such Convertible Debentures will be converted into common shares in the capital of Supreme ("Shares") on or about January 18, 2018 (the "Conversion Date"). Under the terms of the indenture relating to the Convertible Debentures, Supreme has the right at any time beginning on April 14, 2017 to convert all, but not less than all, of the principal amount and all accrued and unpaid interest of the Convertible Debentures at the conversion price set out therein if the volume weighted average price of the Shares for 15 consecutive trading days equals or exceeds $1.75.
As of the date hereof, an aggregate principal amount of $17,366,000 and accrued but unpaid interest of $815,237 was outstanding. The Convertible Debentures will be converted on the Conversion Date at a rate of 769.23 Shares for each $1,000 principal amount plus accrued and unpaid interest. As a result of the conversion of the Convertible Debentures, Supreme expects to significantly lower its debt load and related interest expenses.
John Fowler, CEO and Director
Supreme is a Canadian publicly traded company committed to becoming a leading cultivator and distributor of sun grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR operating inside a 342,000 sq. ft. Hybrid Greenhouse facility. The Hybrid Greenhouse combines the best technology of indoor production with the efficiencies and sustainability of a greenhouse, in a single large-format production footprint. Please visit www.supreme.ca and www.7acres.com for more information.
Certain statements made in this press release may constitute forward-looking information under applicable securities laws. These statements may relate to the timing and amount of the conversion of Convertible Debentures, the debt load and interest expenses following the conversion of the Convertible Debentures and other statements that are not historical facts. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may" "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology. Forward-looking statements are current as of the date they are made and are based on applicable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. However, we do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. There can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the "Risks and Uncertainties" section of the Company's Management's Discussion & Analysis dated November 27, 2017 ("MD&A"). A copy of the MD&A and the Company's other publicly filed documents can be accessed under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in the MD&A is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Supreme Pharmaceuticals Inc.
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