Supreme Cannabis plans to issue more than 100 million new shares
The cannabis company wants to exchange its debts with the creditors for company shares.
Supreme Cannabis Inc. (TSX.FIRE) has announced in an "extraordinary resolution" plans to partially convert and amend the company's unsecured convertible bonds. The company announced that the conversion price for its outstanding 6% senior unsecured convertible notes it issued in October 2018 is now valued at $ 0.285 per share, up from a previous amount of $ 2.85 per share. The outstanding amount of debt securities owed is now $ 36.5 million, down from $ 100 million. Supreme will also issue 116.6 million new shares to its bondholders, half of which are subject to a four month limit before they can be traded.