The Supreme Cannabis Company Inc. (
TSX.FIRE) has announced plans to partially convert and amend the company's unsecured convertible debentures in an “an extraordinary resolution.”
The company said the conversion price for its outstanding 6% senior unsecured convertible debentures it issued in October 2018 is now valued at $0.285 a share, from a previous amount of $2.85 a share.
The outstanding amount of debentures owed is now $36.5 million, down from $100 million. Supreme will also issue 116.6 million new shares for its debenture-holders, half of which will be subject to a four-month restriction before they can be traded.
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