Non-brokered financing to fund development of the Kincardine facility
By Devika Patel
Knoxville, Tenn., Aug. 30 – Supreme Pharmaceuticals Inc. said it raised C$10.61 million in the third tranche of a C$14.95 million non-brokered private placement of units. The deal raised C$3,615,880 on June 20 and C$723,250 on July 15.
The company sold 37,374,388 units of one common share and a one-share warrant at C$0.40 per unit. It sold 9,039,700 units in the first tranche, 1,808,125 units in the second tranche and 26,526,563 units in the third tranche.
Each warrant is exercisable at C$0.50 for three years. The strike price reflects an 11.11% premium to the June 17 closing share price of C$0.36.
Proceeds will be used for development of the Kincardine facility, expansion of the Hybrid Greenhouse facility and general working capital purposes.
The medical cannabis company is based in Vancouver, B.C.
| Issuer: | Supreme Pharmaceuticals Inc.
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| Issue: | Units of one common share and a one-share warrant
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| Amount: | C$14,949,755
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| Units: | 37,374,388
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| Price: | C$0.40
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.50
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| Agent: | Non-brokered
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| Pricing date: | June 20 (for C$3,615,880), July 15 (for C$723,250), Aug. 30 (for C$10,610,625)
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| Stock symbol: | CNSX: SL
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| Stock price: | C$0.36 at close June 17
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| Marker capitalization: | C$83.37 million
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