1933 Industries Announces Extraordinary Meeting of Debentureholders
1933 Industries Inc. (CSE:TGIF) (OTCQB:TGIFF) has announced an extraordinary meeting for holders of its 10% Senior Unsecured Convertible Debentures set for June 9, 2022. The meeting will focus on several proposed amendments to the debentures, including:
- Reducing the conversion price from $0.10 to $0.075.
- Lowering the price per share for interest payments.
- Extending the maturity date from September 14, 2022, to September 14, 2023.
The Board recommends voting in favor of these amendments.
- The Board unanimously recommends that Debentureholders vote in favor of the amendments, suggesting confidence in the proposed changes.
- Extending the maturity date to September 14, 2023, provides the company additional time to manage its financial obligations.
- The reduction in the conversion price from $0.10 to $0.075 may indicate financial distress or a need to incentivize conversion due to weak market conditions.
- Lowering the interest payment price could reflect negatively on the company's cash flow stability or attractiveness to investors.
VANCOUVER, BC / ACCESSWIRE / May 19, 2022 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF) (OTCQB:TGIFF), a Nevada-focused cannabis consumer packaged goods company, announces that it will hold an extraordinary meeting of holders of
The meeting details are as follows:
Date: June 9, 2022
Time: 8:00 a.m. (Pacific Time)
Place: Virtual Meeting Only
Debentureholders will consider the following amendments ("Debenture Amendments"):
- To amend the conversion price applicable to the Debentures from
$0.10 t o$0.07 5 per share; - To reduce the price per share for interest payments on the Debentures from
$0.10 t o$0.07 5 per share; - To amend the price at which the Company may require a forced conversion of the Debentures from
$0.15 t o$0.10 per share, such conversion to be made at the amended Conversion Price of$0.07 5 per share; - To extend the maturity date for the Debentures from September 14, 2022 to September 14, 2023
A Management Information Circular ("Circular") containing a detailed description of the Debenture Amendments has been mailed to the Company's Debentureholders of record. 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 Board of Directors unanimously recommends that Debentureholders vote in favour of each of the Amendments.
About 1933 Industries Inc.
1933 Industries is a Nevada-based, growth-orientated company, focusing on the cultivation and manufacturing of a large portfolio of cannabis consumer-packaged goods in a variety of formats for both the wholesale and retail markets. Its product offerings include: THC flower, pre-rolls, and extracted products under the AMA and Level X brands for the Nevada market; Canna Hemp™, national cannabidiol (CBD) brand of infused wellness products including CBD tinctures, gummies, topicals and sport recovery products. 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. 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. Ultra-craft brand Level X is 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 CBD topicals, CBD creams, CBD gummies, CBD vaporizers, CBD tinctures, CBD capsules, CBD pre and post workout recovery sports products, and CBG and CBN tinctures, 1933 Industries' proprietary Canna Hemp™ brand utilizes the power of hemp-extracted cannabinoids to bring natural wellness.
For further information please contact:
Alexia Helgason, VP, IR, Marketing, Media
604-728-4407
alexia@1933industries.com
Paul Rosen, CEO
paul@1933industries.com
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 relating to the settlement of transactions between the Company and Day One. 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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https://www.accesswire.com/701919/1933-Industries-Announces-Extraordinary-Meeting-of-Debentureholders
FAQ
What is the purpose of the extraordinary meeting held by 1933 Industries Inc. on June 9, 2022?
What changes are being proposed for the convertible debentures at the meeting?
What are the new terms for the convertible debentures after the proposed amendments?
How does the Board of 1933 Industries Inc. feel about the proposed amendments?
