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TSXV: FIRE
TORONTO, Nov. 14, 2017 /CNW/ - Supreme Pharmaceuticals
Inc. ("Supreme" or the "Company") (TSXV:FIRE) is pleased to
announce the closing of its previously announced bought deal
private placement of 40,250 convertible debenture units (the
"Convertible Debenture Units"), including the exercise of the
Underwriters' over-allotment option (the "Offering"), with a
syndicate of underwriters, led by Canaccord Genuity Corp.,
including Beacon Securities Limited, Cormark Securities Inc., Eight
Capital, GMP Securities L.P., and PI Financial Corp., for gross
proceeds of approximately $40.25
million.
Each Convertible Debenture Unit, at a price of $1,000, is comprised of $1,000 principal amount of 8.0% senior unsecured
convertible debentures (the "Convertible Debentures") and 313
common share purchase warrants (the "Warrants") of the Company.
Please refer to the Company's news releases dated October 17 and 18 for further details on the
terms of the Offering.
The Company intends to use the net proceeds of the Offering to
partially fund the development of its facilities in Kincardine, Ontario and for general corporate
purposes.
The Convertible Debentures and the Warrants comprising the
Convertible Debenture Units and any Common Shares issuable upon
conversion or exercise thereof, as applicable, will be subject to a
statutory hold period lasting four months and one day following the
Closing Date.
About Supreme
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.
John Fowler, CEO and Director
Forward Looking Statements
Certain statements made in this press release may constitute
forward-looking information under applicable securities laws. These
statements may relate to anticipated events or results and
include, but are not limited to, expectations regarding the
Offering, the use of proceeds 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 October 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 the 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.