Supreme Pharmaceuticals Ups Size of Non-brokered Private Placement
Supreme Pharmaceuticals Inc. (CSE:SL) announced that it increased the size of a previously announced non-brokered private placement of secured convertible debentures and then closed it on about $1.4 million worth of subscriptions. The size of the placement was raised due to greater-than-anticipated demand from investors.
As quoted in the press release:
Currently, the Company continues to develop its business by engaging with various health care providers, patient groups and potential wholesale partners. The Company believes these relationships will increase its ability to generate additional revenues from both wholesale and retail sales when operations commence.
The Company has also continued to refine its operational plans at the Kincardine greenhouse.
John Fowler, president of Supreme, commented:
Management is gratified to see such a positive response from the investment community. We are thrilled to be in a position to close the Financing on an oversubscribed basis so quickly. With the Financing, Supreme is well positioned to continue to develop our post-license business plan and execute on our long term operational objectives.