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1933 Industries Inc C.TGIF

Alternate Symbol(s):  TGIFF

1933 Industries Inc. is a Canada-based cannabis cultivator and producer. The Company is focused on the cultivation and manufacturing of a portfolio of cannabis consumer-packaged goods in a variety of formats for both the wholesale and retail markets. The Company operates through three segments: Alternative Medicine Association LLC (AMA), Infused Mfg LLC (Infused MFG), and Corporate. Its AMA segment is focused on the cultivation and sale of medical and adult use cannabis products. Its Infused MFG segment is focused on the manufacturing of Hemp derived cannabidiol (CBD) products. Its product offerings through its in-house brands, including wholesale flower, pre-rolls, and extracted products under the AMA and Level X brands for the Nevada market; and Canna Hemp, a national CBD brand of wellness products, which include tinctures, gummies, topicals and sports recovery products. The Company owns 91% of AMA, and 100% of Infused MFG LLC Infused.


CSE:TGIF - Post by User

Comment by Freebirdson Mar 04, 2021 12:46pm
121 Views
Post# 32716024

RE:5 million

RE:5 million

The Company also provides an update regarding the balance of its convertible debentures

VANCOUVER, BC / ACCESSWIRE / March 4, 2021 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF)(OTCQB:TGIFF), a vertically-integrated cannabis consumer packaged goods company, is pleased to announce that it has closed its previously announced bought deal private placement of units (the "Units") for aggregate gross proceeds of C$4,955,052 (the "Offering"), which included the partial exercise of the Underwriter's Option (defined below). The Offering was led by Canaccord Genuity Corp. ("Canaccord" or the "Underwriter") as sole underwriter and sole bookrunner.

Pursuant to the Offering, the Company sold a total of 31,820,000 Units at a price of C$0.11 per Unit (the "Issue Price"). Each Unit was comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will be exercisable to acquire one Common Share at an exercise price of C$0.16 per Common Share until March 4, 2023, subject to a Warrant acceleration right exercisable by the Company if, at any time following the date that is four months and one day from the closing date of the Offering, the daily volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (the "CSE") is greater than C$0.30 for the preceding 10 consecutive trading days and shall be exercised by notice in writing to the holders of Warrants and the Underwriter. Pursuant to Canadian securities laws, all securities in respect of the Offering will be subject to a four month and one day hold period expiring on July 5, 2021.

The Underwriter partially exercised its option (the "Underwriter's Option") to purchase an additional Units, whereby it purchased 13,225,929 Units at the Issue Price and raised additional gross proceeds of C$1,454,852.

Mr. Paul Rosen, Chairman and CEO of Company said, "We are very pleased to close this financing, and believe it reflects strong investor confidence in 1933's future. 1933 Industries is strategically positioned in Nevada with industry-leading products that have strong appeal in the both the cannabis and CBD wellness segments. The proceeds of the financing will support the continued execution of our sales strategy and provides flexibility to capitalize on market opportunities as we work towards building additional value for our customers and our shareholders".

In connection with the Offering, Canaccord received a cash commission equal to 7.0% of the gross proceeds of the Offering (excluding proceeds derived from the sale of Units to any Direct Settlers (as defined below) as well as an advisory fee in respect of proceeds raised directly by the Company from certain subscribers (the "Direct Settlers") as agreed to between the Company and Canaccord. Additionally Canaccord was issued that number of brokers warrants ("Broker Warrants") as is equal to 7.0% of the number of Units sold under the Offering (excluding Units sold to Direct Settlers) as well as advisory warrants ("Advisory Warrants" together with the Broker Warrants, the "Compensation Warrants") relating to the Units issued to Direct Settlers. Each Compensation Warrant entitles the holder to purchase one additional Unit of the Company (each a "Compensation Unit") at a price of $0.11 per Compensation Unit until March 4, 2023. The Compensation Units have the same terms as the Units sold pursuant to the Offering.

The Units were sold pursuant to private placement exemptions available in Canada and certain foreign jurisdictions. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the CSE. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("U.S. Securities Act") or any state securities law and may not be offered or sold in the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Update on Conversion of Convertible Debenture

The Company is also pleased to announce that it has now converted $8.2 million of its 10% senior unsecured convertible debentures due September 14, 2021 (the "Debentures"), as well as $700,000 in accrued interest into Common Shares of the Company, pursuant to the terms of the indenture governing the Debentures. As of the date hereof, there is an aggregate of $4.1 million principal balance of Debentures outstanding. Mr. Rosen added, "Improving the balance sheet has been a top priority for 1933 Industries, and this financing along with the debt conversions provide the Company with additional optionality as it pursues its growth strategy. I welcome and encourage all remaining current debenture holders to convert as well."

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