Supreme Cannabis Company Inc fka FIRE

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The Supreme Cannabis Company, Inc. Announces $90 Million Bought Deal Financing of Convertible Debentures
GlobeNewswireSeptember 27, 2018, 2:33 PM EDT
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TORONTO, Sept. 27, 2018 (GLOBE NEWSWIRE) -- The Supreme Cannabis Company, Inc. (FIRE.V) (“Supreme Cannabis” or the “Company”) announced today that it has entered into an agreement with a syndicate of underwriters co-led by GMP Securities L.P. (“GMP”) and BMO Capital Markets (“BMO” and together with GMP, the “Co-Lead Underwriters” and, collectively with the syndicate, the “Underwriters”) as joint bookrunners, pursuant to which the Underwriters have agreed to purchase, on a bought deal basis pursuant to the filing of a short form prospectus, $90,000,000 aggregate principal amount of convertible debentures (the “Convertible Debentures”) of the Company at a price of $1,000 per Convertible Debenture (the “Offering”). The Convertible Debentures shall bear interest at a rate of 6.0% per annum from the date of issue, payable semi-annually in arrears on June 30 and December 31 of each year, commencing December 31, 2018. Interest shall be computed on the basis of a 360-day year composed of 12 30-day months. The Convertible Debentures will mature on the date that is 36 months from the closing date (the “Maturity Date”).

The Company has agreed to grant the Underwriters an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional $10,000,000 aggregate principal amount of convertible debentures on the same terms as the Convertible Debentures pursuant to the Offering (together with the Convertible Debentures, the “Debentures”), exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. If the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering will be $100,000,000.