Supreme Pharmaceuticals (CSE:SL) has closed a private placement financing, issuing a total of $684,449.82.
Supreme issued 4.026469 million units, each consisting of one common share and one warrant, at a price of 17 cents per unit. Each Warrant is exercisable for one Common Share at a price of $0.32 per share prior to July 27th, 2017.
"We were approached by local residents and key contactors who share our vision for the future of the medical marijuana industry and want to be a part of our journey. This type of support has been invaluable for us since day one, and will continue to be essential when we are able to move forward into the operating stage of our business," said Supreme's president John Fowler.
Separately, Supreme extended the expiry date of warrants issued in connection to its private placement closing on September 22, 2015 and October 6, 2015.
The 4.478 million warrants issued on September 22, 2014, due to expire on September 22, 2015 will now expire September 22, 2016 while 897,000 warrants issued on October 6, 2014 with an expiry date of October 6, 2015 will now expire October 6, 2016.
At the end of last February, Supreme completed its move from British Columbia to Ontario, allowing it to focus resources on its flagship medical marijuana 342,000 sq. ft. hybrid greenhouse facility in Kincardine, Ontario, slated to produce up to 24 million grams of medical marijuana.
Supreme has been working steadily over the past year to develop Kincardine, since receiving the largest conditional pre-approval from Health Canada in January 2014.