Articles > Supreme Pharmaceuticals Closes $40.25 Million Bought Deal Private Placement of Convertible Debenture Units
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Supreme Pharmaceuticals Inc. (TSXV:FIRE) is pleased to announce the closing of its previously announced bought deal private placement of 40,250 convertible debenture units, including the exercise of the Underwriters' over-allotment option, 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.