1933 Industries Reminds Debentureholders to Vote at the Extraordinary Meeting
1933 Industries Inc. (CSE: TGIF, OTCQB: TGIFF) reminds holders of its 10% Senior Unsecured Convertible Debentures due September 14, 2022, to vote at the upcoming meeting on July 13, 2022. The Board recommends voting in favor of proposed amendments, including a revised conversion price of $0.05 per share and extending the maturity date to December 31, 2023. Amendments also include reducing interest payment prices and adjusting forced conversion prices. A detailed circular has been distributed to debentureholders, urging participation in the virtual meeting.
- Proposed conversion price of debentures reduced to $0.05 per share, making it more attractive for holders.
- Extension of maturity date for debentures to December 31, 2023, provides additional time for handling financial obligations.
- Board of Directors unanimously recommends amendments, indicating strong management confidence.
- Reduction of interest payment price per share from $0.10 to $0.075 may indicate cash flow constraints.
- Forced conversion price amended from $0.15 to $0.10 may lead to increased equity dilution for existing shareholders.
VANCOUVER, BC / ACCESSWIRE / July 11, 2022 / 1933 Industries Inc. (the "Company" or "1933Industries") (CSE:TGIF)(OTCQB:TGIFF), a Nevada-focused cannabis consumer packaged goods company, wishes to remind Holders of
The Company believes that the amendments set forth in the Addendum are in line with Debentureholders' expectations. The Board of Directors unanimously recommends that Debentureholders vote in favour of each of the Amendments.
The meeting details are as follows:
Date: July 13, 2022
Time: 9:00 a.m. (Pacific Time)
Place: Virtual Meeting Only
An Addendum is being presented to Debentureholders with the following amendments for consideration:
- Revising the proposed amended 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; - and Revising the proposed extended maturity date for the Debentures to December 31, 2023.
The proposed Debenture Amendments relating to the conversion of interest and forced conversion remain unchanged and unaffected by the Addendum and continue to be submitted for approval by the Debentureholders as follows:
- 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$0.05 per share (please note the amended Conversion Price).
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/708211/1933-Industries-Reminds-Debentureholders-to-Vote-at-the-Extraordinary-Meeting
FAQ
What is the purpose of the meeting on July 13, 2022, for 1933 Industries?
What amendments are being proposed for the debentures?
What is the current conversion price for the debentures before the amendment?
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