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Supreme boosts size of private placement to $2.0 million

Last updated: 14:34 07 Nov 2014 GMT, First published: 15:34 07 Nov 2014 GMT

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Supreme Pharmaceuticals (CSE:SL) has bolstered the maximum size of its private placement announced earlier this month to $2.0 million from $1.0 million previously.

The non-brokered offering will now be made up of up to 6.25 million units at a price of 32 cents apiece. Each unit will consist of one common share and one half of a share purchase warrant, with every whole warrant good for an additional common share for a price of 50 cents for a period of two years from closing.

The company now expects to close the offering on around November 17, it said.

The offering comes on the heels of Supreme raising a total of $2.6 million from a two-part financing last month. The Vancouver, BC-based company will put all the money towards the development of its Kincardine medical marijuana facility, which is approaching the production phase. 

On Thursday, Supreme said it has the funding in place to complete the build out of its Kincardine facility, taking it through to the licensing stage and beyond.

The company also announced that chief executive officer David Stadnyk will move out of his role of CEO and director with Supreme. Brayden R. Sutton, currently executive VP for Supreme in Vancouver, will take on additional leadership responsibilities, while director George Tsafalas will step in as interim president.

Due to strong support from the local community, Supreme has been able to move quickly to implement its proposed plan to produce up to 24 million grams of medical marijuana at Kincardine, for which it received conditional pre-approval from Health Canada in January.

To move to post-license production status, the company has to adopt the high-level security measures required by Health Canada at the 342,000 square foot operation. Health Canada also has to perform a final inspection of the facility, which is expected this month.

Stadnyk said he expects the build out of Kincardine to be completed by the end of November. Given the size of the facility, Supreme will bring on production gradually, tailoring output to meet the strain and volume demands of the market. 

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