1933 Industries Announces Extraordinary Meeting of Debentureholders to Extend the Maturity Date of its Convertible Debentures
1933 Industries Inc. has scheduled an extraordinary meeting for debentureholders to vote on extending the maturity date of its 10% Senior Unsecured Convertible Debentures from September 14, 2021, to September 14, 2022. The meeting will take place virtually on April 14, 2021, at 10:00 a.m. (PT). A Management Information Circular detailing the proposed amendments has been sent to debentureholders and is available on SEDAR and the company's website. The Board encourages support for the extension, aiming to strengthen the company's financial position and optimize performance.
- Extension of maturity date provides additional runway to optimize performance.
- Unanimous Board recommendation indicates strong confidence in the proposed amendment.
- The requirement to extend the maturity date suggests potential financial stress.
1933 Industries Announces Extraordinary Meeting of Debentureholders to Extend the Maturity Date of its Convertible Debentures
VANCOUVER, BC / ACCESSWIRE / March 24, 2021 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF) (OTCQB:TGIFF), a vertically-integrated cannabis consumer packaged goods company, announces an extraordinary meeting of holders of
The meeting details are as follows:
Date: April 14, 2021
Time: 10:00 a.m. (Pacific Time)
Place: Virtual Meeting Only
A Management Information Circular ("Circular") containing a detailed description of certain amendments for consideration ("Debenture Amendments") has been mailed to the Company's Debentureholders of record. Due to Covid-19 restrictions, the meeting is scheduled to be held virtually and the Company encourages Debentureholders to vote by proxy, in accordance to the instructions provided in the Circular. The Circular has been filed under the Company's profile on SEDAR and is available at www.sedar.com and is also posted on the Company's website at www.1933industries.com/investors/eom-materials.
The Debenture Amendment to be considered is approving an extension to the maturity date for the Debentures from September 14, 2021 to September 14, 2022.
The Board unanimously recommends that the Debentureholders vote in favour of the Debenture Amendment. Mr. Paul Rosen, Chairman and CEO of the Company, stated, "The support from our Debentureholders has been a key component in our successful efforts to strengthen 1933's balance sheet. Alongside our recent capital raise, the substantial progress we have made in debt conversion has provided the Company additional runway as it works towards optimizing performance, and has created further optionality for additional outcomes. The extension of the maturity date will allow the Company to further preserve capital as we continue to execute on our business plan. On behalf of the Board, I strongly encourage Debentureholders to support not only this amendment but also the ongoing conversion of the debentures."
About 1933 Industries Inc.
1933 Industries is a vertically-integrated, growth-orientated company, focusing on the cultivation and manufacturing of cannabis consumer branded goods in a wide range of product formats. Operating through two subsidiaries, the Company controls all aspects of the value chain with cultivation, extraction, processing, and manufacturing assets supporting its diversified portfolio of cannabis brands and licensing partners. The Company owns
About Alternative Medicine Association
AMA is a licensed medical and adult-use cannabis cultivation and extraction subsidiary that produces its own branded line of unique cannabis products and manufactures third-party brands. AMA's extensive menu of cannabis products include: craft cannabis flower, pre-rolls, full spectrum oils, high quality distillates, proprietary blends of terpenes, vaporizer products and boutique concentrates such as shatter, crumble, batter, sugar wax, diamonds, and live resin. With state-of-the-art cultivation and extraction facilities based in Las Vegas, Nevada, AMA seeks to offer medical patients and recreational users alike a cannabis experience that's exceptional, potent, and consistent in quality. www.amanev.com
About Canna Hemp™
With an extensive product line that includes topicals, creams, vapes, elixirs, capsules, lip balms and pre and post workout recovery sports products, 1933 Industries' proprietary Canna Hemp™ brand utilizes the power of CBD to bring natural wellness. The Company's flagship products, the Canna Hemp™ Relief Cream and Canna Hemp X™ Recovery Cream are recognized as best topicals in the market. Canna Hemp X™ is a CBD sports recovery cream for athletes, bridging the gap between recovery and top performance. All products are triple and third-party tested for safety with test results embedded via QR codes for traceability. www.cannahemp.com
For further information please contact:
Alexia Helgason, VP, IR and Corporate Communications
604-674-4756 (ext. 1)
alexia@1933industries.com
Paul Rosen, CEO
604-674-4756 (ext. 1)
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding Forward Looking Statements: 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. 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. 1933 Industries undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: 1933 Industries Inc.
View source version on accesswire.com:
https://www.accesswire.com/637166/1933-Industries-Announces-Extraordinary-Meeting-of-Debentureholders-to-Extend-the-Maturity-Date-of-its-Convertible-Debentures
FAQ
What is the purpose of the extraordinary meeting scheduled by 1933 Industries on April 14, 2021?
How can debentureholders participate in the meeting on April 14, 2021?
What does the extension of the maturity date imply for 1933 Industries' financial health?
Where can I find the Management Information Circular regarding the upcoming meeting?
