TSXV: FIRE
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
today.
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
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.
Forward-Looking 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.