1933 Industries gets holder approval to amend 10% convertible notes

By Wendy Van Sickle

Columbus, Ohio, June 29 – 1933 Industries Inc. said all proposed amendments to its 10% senior convertible debentures due Sept. 14, 2021 were approved by holders at an extraordinary meeting held virtually on Monday.

Support for each amendment ranged from 84.3% to 99.9% of votes received, the company said in a news release.

As reported on June 3, the company was seeking to amend the conversion price to C$0.10 per share from C$0.45 per share.

It was also seeking to amend the price at which it may require a forced conversion of the debentures to C$0.15 per share from C$0.70 per share, with conversion to be made at the amended conversion price.

1933 also sought authorization to pay the interest due on the debentures in cash or through the issuance of its common shares at a price of C$0.10 per share, at its discretion, and to amend the timing for the payment of interest to being payable at the maturity date instead of being payable semiannually in arrears on the last day of June and December.

The company said the debenture amendments will strengthen the company’s balance sheet and allow it to further maintain its cash reserves in order to fund its continued growth and provide stability given the current volatile environment.

The effective date of the amendments is expected to be June 30.

1933 is a cannabis company based in Vancouver, B.C.

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