Supreme Pharmaceuticals Inc.
OTC PINK : SPRWF
CNSX : SL

Supreme Pharmaceuticals Inc.

April 24, 2015 07:42 ET

Supreme Completes Private Placement for Aggregate Total of $1.465MM

TORONTO, ONTARIO--(Marketwired - April 24, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Supreme Pharmaceuticals Inc. (the "Company") (OTC PINK:SPRWF)(CSE:SL) is pleased to announce that it has closed its previously disclosed non-brokered private placement (the "Financing") of secured convertible debentures (the "Debentures"). At closing, the Company issued $1,465,580 [all currency references are in Canadian dollars] aggregate principal amount of Debentures. The Debentures will mature on April 23, 2018, unless sooner converted into common shares of the Company ("Common Shares") in accordance with their terms. The 10% interest on the Debentures has been prepaid by the issuance of a total of 3,834,837 interest units (the "Units"). Each Unit consists of one Common Share and one Warrant (as hereinafter defined).

Concurrently with the issuance of the Debentures, purchasers received a total of 8,622,647 common share purchase warrants (the "Warrants"). Each Warrant is exercisable for one Common Share at a price of $0.17 prior to April 23, 2020, subject to an accelerated expiry in certain circumstances.

The Company paid aggregate finder's fees of $50,766.40 and issued 286,988 Warrants to certain arm's-length parties in connection with the Financing.

The Debentures, Warrants and Common Shares issued pursuant to the Financing are subject to a hold period that expires August 24, 2015.

About Supreme

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.

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