1933 Industries Announces Extraordinary Meeting of Debentureholders to Delist Convertible Debentures in order to Extend the Maturity Date
1933 Industries Inc. (CSE:TGIF)(OTCQB:TGIFF) has convened an extraordinary meeting for holders of its 10% Senior Unsecured Convertible Debentures scheduled for August 6, 2021, at 10:00 a.m. PT. The purpose is to seek approval for amendments to the Debentures, specifically a potential delisting from the Canadian Securities Exchange to facilitate the extension of the maturity date from September 14, 2021 to September 14, 2022. The meeting will be held virtually, and voting by proxy is encouraged due to COVID-19 restrictions.
- Receipt of approval from Debentureholders to extend maturity date from September 14, 2021 to September 14, 2022.
- Opportunity to remove Debentures from CSE supports operational flexibility.
- Delisting of Debentures may lead to reduced visibility and trading liquidity.
- Requirement for extraordinary approval indicates potential investor resistance.
VANCOUVER, BC / ACCESSWIRE / July 16, 2021 / 1933 Industries Inc. (the “Company” or “1933 Industries”) (CSE:TGIF)(OTCQB:TGIFF), a Nevada-focused cannabis consumer packaged goods company, announces an extraordinary meeting of holders of
The meeting details are as follows:
Date: August 6, 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
Debentureholders are being asked to consider an extraordinary resolution to amend the Debentures to delist the Debentures from the Canadian Securities Exchange (the “Delisting”) in order to facilitate the implementation of the previously approved extension of the maturity date for the Debentures from September 14, 2021 to September 14, 2022 (the “Maturity Extension”).
At the meeting of Debentureholders held on April 14, 2021, the Debentureholders approved the extension of the maturity date of the Debentures from September 14, 2021 to September 14, 2022 as well as the form of the Supplemental Indenture necessary to give effect to same. As the Debentures are currently listed, in order for the CSE to approve the Maturity Extension and allow for the implementation of same, the Company must delist the Debentures. A delisting of the Debentures from the CSE requires an extraordinary approval of the Debentureholders. If the Delisting is not approved, the Maturity Extension cannot be completed.
The Board unanimously recommends that the Debentureholders vote in favour of the Debenture Amendment.
About 1933 Industries Inc.
1933 Industries is a Nevada-based, 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, distribution 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. AMA recently announced the launch of its ultra-craft brand Level X, an exclusive collection of exotic strains, selected specifically for their distinctive terpene profiles, high THC levels, and flavonoids 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
AMA is also licensed in Nevada as an adult-use cannabis distributor.
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.
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FAQ
What is the purpose of the extraordinary meeting for 1933 Industries' debentureholders?
When is the extraordinary meeting for 1933 Industries scheduled?
What will happen if the debentureholders do not approve the delisting?
How can debentureholders participate in the meeting?
What are the implications of the maturity extension for TGIFF shareholders?
