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TORONTO, ONTARIO--(Marketwired - Jan 9, 2016) - Supreme Pharmaceuticals Inc. (the "Company" or "Supreme") (OTC PINK:SPRWF) (CSE:SL) is pleased to announce the closing of the limited time incentive program (the "Incentive Program"), which commenced on December 7, 2015. Pursuant to the Incentive Program, Supreme received aggregate proceeds of $2,107,487.25 through the issuance of 12,619,110 common shares and 12,619,110 common share purchased warrants (each an "Incentive Warrant"). For more details regarding the Incentive Warrants, please see the Company's news release dated December 2, 2015.
Approximately $220,000 of the proceeds from the Incentive Program were raised through the exercise of warrants by certain directors and/or officers of the Company. The transaction was unanimously approved by the disinterested members of the Company's board of directors and implemented in accordance with the applicable exemptions under Multilateral Instrument 61-101.
Supreme is a Canadian publically traded company committed to becoming a leading supplier of affordable medical cannabis achieved by applying commercial agriculture practices to medical cannabis production. Supreme's flagship facility is a 342,000 sq. ft. hybrid greenhouse located in Kincardine, Ontario, which has been designed to maximize production efficiencies allowing the Company to pass savings along to its future patients.
FORWARD LOOKING INFORMATION
This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the timing on competition of the MMPR License conditions for its Southern Ontario facility and the start of production. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com and such factors as the Company failing to acquire final MMPR licenses and put the same into production. This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995.