1933 Industries Announces New Extraordinary Meeting of Debentureholders to Consider Amendments
1933 Industries Inc. (CSE:TGIF)(OTCQB:TGIFF) announced an Extraordinary Meeting for its Debentureholders on August 24, 2022, at 9:00 a.m. PT. The meeting aims to vote on amendments to the company's 10% Senior Unsecured Convertible Debentures, which include:
- Amending the conversion price to $0.05 per share
- Reducing the interest payment share price from $0.10 to $0.05
- Extending the maturity date to December 31, 2023
The Board of Directors recommends approval of these amendments.
- Amendment of conversion price to $0.05 per share could improve attractiveness to investors.
- Reduction of interest payment price may enhance cash flow management.
- Extension of maturity date to December 31, 2023 provides more time for operational strategies.
- Reduction in interest payment could signal cash flow constraints.
- Amending terms may indicate potential liquidity issues or financial instability.
VANCOUVER, BC / ACCESSWIRE / July 28, 2022 / 1933 Industries Inc. (the "Company" or "1933Industries") (CSE:TGIF)(OTCQB:TGIFF), a Nevada-focused cannabis consumer packaged goods company, announces that it has revised previously proposed amendments and has called a subsequent Extraordinary Meeting of Holders of
The meeting details are as follows:
Date: August 24 2022
Time: 9:00 a.m. (Pacific Time)
Place: Virtual Meeting Only
Debentureholders are asked to consider a single resolution containing the following amendments (the "Debenture Amendments") to the Debentures as follows:
- To amend the conversion price applicable to the Debentures to
$0.05 per share being the lowest price at which the Company is permitted to amend the conversion price; - To reduce the price per share for interest payments on the Debentures from
$0.10 t o$0.05 per share, if the Company in its sole discretion elects to pay such interest through the issuance of its common shares; and - To extend the maturity date for the Debentures from September 14, 2022 to December 31, 2023.
A vote in favor is a vote in favor of ALL of the Debenture Amendments. The Company requests that all votes are received no later than 9:00 a.m. (PT) on August 22, 2022. The Board of Directors unanimously recommends that Debentureholders vote in favor of the Amendments.
A Management Information Circular ("Circular") containing a detailed description of the Addendum and 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
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 over 50 products in its portfolio, the Canna Hemp™ brand offers products in a variety of verticals and consumption formats, including, effects-based tinctures, topicals, vape pens and cartridges, gummies, and capsules for Sleep, Relief, Calm, Focus and Energy. High-grade CBD and a proprietary blend of terpenes formulated for specific effects are key differentiators for the Canna Hemp™ line. The Company recently introduced previously untapped cannabinoids Cannabigerol (CBG) and Cannabinol (CBN) to its portfolio of products with a new line of natural tinctures and gummies.
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.
View source version on accesswire.com:
https://www.accesswire.com/710136/1933-Industries-Announces-New-Extraordinary-Meeting-of-Debentureholders-to-Consider-Amendments
FAQ
What is the purpose of the Extraordinary Meeting for 1933 Industries on August 24, 2022?
What amendments are being proposed for the debentures in the August 24 meeting?
What is the significance of changing the conversion price to $0.05 per share for 1933 Industries?
How might the amendments to the debentures affect current investors of 1933 Industries?
How can debentureholders participate in the vote for 1933 Industries' amendments?
