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Supreme Pharmaceuticals (C.SL) proposes 5 to 1 share consolidation

Stockhouse Editorial
5 Comments| July 18, 2014


Supreme Pharmaceuticals (CSE:SL, Stock Forum), medical marijuana darling, announced today that the company would be pursuing a 5 to 1 share consolidation, noting that in the process fractional shares would be rounded up.

 

According to the news release, the consolidation would reduce the 290.44 million of issued and outstanding shares in the company to approximately 58.09 million new shares.

 

Company president and CEO, David Stadnyk, commented on the reasons behind the consolidation proposal, “We have decided to make this move so our corporate structure is more in line with that of our peers.”

 

He explained further, “Having less shares outstanding trading at a proportionately higher price should also facilitate the raising of the additional funds needed to complete construction at our Southern Ontario project so we can meet the conditions of our pre-build licence. That project is moving ahead on schedule and on budget.”

 

Investor reactions were mixed when it came to the company's decision with some Stockhouse bullboarders announced a selling spree while others touted Supreme's move and called for a buying regime.

 

Supreme was in the news recently when the company was highlighted in Stockhouse's own medical marijuana update three days ago.

 

Shares were down 11.11% on the news to $0.08 per share.

 

Currently there are 144.8m outstanding shares with a market cap of $11.6 million.



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Comments

antonaki1
They will be lucky to hit $1 even with the MMPR licence granted by HC, even after the split. People forget the company is entering the financing phase. Probably drop to .05 minimum, .25 post split and financiers will not likely pay more than .20. Likely 90 mill S/O post split. $1 gives you $90mil MC. Share structure still not as tight as Tweeds so it won't even perform as well. Though anythings possible i guess.
2.5 stars
July 18, 2014
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BaystreetBenny
Watch RPX.v Just Raised $3M @ $0.05 a few weeks ago....Summer LOW Trading @ $0.02..Crazy ! 21,000 meter Drills Program NOW Underway....Drills Turning on Massive VMS property .Drill Results from first 3,000m will Soon Start Rolling IN. Getting Active last week
1.5 stars
July 19, 2014
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StockGru2013
June 23, 2014 CEO states ""Beyond that, Stadnyk expects to do a post-MMPR financing of $7m-$15m over a couple of rounds, once the share price more accurately reflects where he thinks the business is at. The CEO says he has “a very big position” in the company, and thus has no plans to do any share rollback as long as the price can get to the $0.25 range post-MMPR approval." Read more at http://www.stockhouse.com/companies/bullboard/c.sl/supreme-pharmaceuticals-inc#7UIxCHOabOti...
1.5 stars
July 18, 2014
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StockGru2013
It's not POST-MMPR, but there is a roll back. Also noticed there is no specific timeline as to when the roll back will occur. Looks like by the CLOSE you can cut your shares down by 5. Where's the transparency on that?
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July 18, 2014
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supremebeing
Man guru is Retarded.
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July 18, 2014
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