Non-brokered financing to fund development of the Kincardine facility
By Devika Patel
Knoxville, Tenn., Nov. 18 – Supreme Pharmaceuticals Inc. said it raised C$815,893 in the second and final tranche of a C$1.78 million non-brokered private placement of units. The deal priced for C$1 million on Oct. 22 and was increased to C$1.5 million on Oct. 30, raising C$965,749 on Nov. 5. The company again increased the deal to C$2 million on Nov. 7.
The company sold 5,567,632 units of one common share and one half-share warrant at C$0.32 per unit. It sold 3,017,965 units in the first tranche and 2,549,667 units in the second.
Each whole warrant is exercisable at C$0.10 for two years, with the initial-tranche warrants expiring on Nov. 5, 2016 and the second-tranche warrants expiring on Nov. 17, 2016. The strike price reflects a 2.04% premium to the Oct. 22 closing share price of C$0.49.
Proceeds will be used for development of the Kincardine facility and general working capital purposes.
Based in Vancouver, B.C., Helio is a gold exploration company, focused on high-quality project generation in southern Africa.
| Issuer: | Supreme Pharmaceuticals Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$1,781,642
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| Units: | 5,567,632
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| Price: | C$0.32
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years, Nov. 5, 2016, Nov. 17, 2016
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| Warrant strike price: | C$0.50
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| Agent: | Non-brokered
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| Pricing date: | Oct. 22
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| Upsized: | Oct. 30, Nov. 7
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| Settlement date: | Nov. 5 (for C$965,749), Nov. 18 (for C$815,893)
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| Stock symbol: | CNSX: SL
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| Stock price: | C$0.49 at close Oct. 22
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