This morning, Supreme Pharmaceuticals Inc. (TSXV:FIRE) announced that it entered into an agreement with Canaccord Genuity Corp. (TSX:CF), as lead underwriter on behalf of a syndicate of underwriters, in which the underwriters have agreed to purchase, on a bought deal, private placement basis, $30,000,000 CAD aggregate principal amount of convertible debenture units at a price of $1,000 per convertible debenture unit.
Each convertible debenture unit will consist of $1,000 CAD principal amount of 8.0% senior unsecured convertible debentures and 313 common share purchase warrants of the company.
The convertible debentures will bear interest from the date of closing at 8.0% per annum, payable annually in arrears on December 30, 2018 and thereafter semi-annually on the last day of June and December in each year and will mature two years following the closing of the offering.
Additionally, the underwriters will have an option to acquire up to 4,500 additional convertible debenture units, each having the same terms as the convertible debenture units above.
For more information regarding the convertible debenture units, be sure to check out the full release here.
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