VANCOUVER, BC / ACCESSWIRE / August 24, 2022 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF) (OTCQB:TGIFF), a Nevada-focused cannabis consumer packaged goods company, announces that all amendments (the "Debenture Amendments") put forth were approved by an overwhelming majority of Holders of 10% Senior Unsecured Convertible Debentures Due September 14, 2022 ("Debentureholders").
At the Extraordinary Meeting held today, Debentureholders voted 96% in favour, representing 2,595,000 shares for a single resolution containing the following Debenture Amendments:
- 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 to $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.
The Company expects to enter into a supplemental indenture with Odyssey Trust Company on or about August 24, 2022 as the effective date of the approved Debenture Amendments. Further details of the amendments are contained in the Management Information Circular filed under the Company's profile on SEDAR available www.sedar.com and on the Company's website at www.1933industries.com/investors/eom-materials
The Company also announces the issuance of 13,490,000 in stock options to its directors, officers, consultants and employees pursuant to the Company's stock option plan. The options are exercisable for a period of five years at a price of $0.05 per share .
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 91% of Alternative Medicine Association, LC (AMA) and 100% of Infused MFG LLC (Infused).
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
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.