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TORONTO, ONTARIO--(Marketwired - Feb 9, 2016) - Supreme Pharmaceuticals Inc. (the "Company" or "Supreme") (OTC PINK:SPRWF)(CSE:SL) is pleased to announce a limited time incentive program (the "Incentive Program") commencing February 16, 2016 to exercise 4,130,468 outstanding common share purchase warrants (the "July Warrants") issued pursuant to the Company's July 29, 2015 private placement (see news release dated July 30, 2015).
Pursuant to the Incentive Program, holders of the July Warrants who exercise such warrants before March 17, 2016 shall, in addition to the common share the holder would have received pursuant to the terms of the July Warrants, receive an additional common share purchase warrant (each an "Incentive Warrant" together the "Incentive Warrants"). Each Incentive Warrant shall entitle the holder to purchase one common share of the Company at an exercise price of $0.55 before July 27, 2018, subject to accelerated expiry in certain circumstances. The Incentive Warrants, and any common shares issuable upon the exercise thereof, will be subject to a four month hold period from the date on which the Incentive Warrants are issued.
For any holder of a July Warrant not participating in the Incentive Program, the July Warrant shall continue to be exercisable in accordance with its terms. If a holder exercises only a portion of his or her July Warrants pursuant to the Incentive Program, any unexercised July Warrants shall continue to be exercisable in accordance with its terms.
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.