10:35:45 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Chemistree Technology Inc
Symbol CHM
Shares Issued 28,652,976
Close 2018-05-31 C$ 0.41
Market Cap C$ 11,747,720
Recent Sedar Documents

Chemistree closes $2.55M first tranche of financing

2018-06-25 18:48 ET - News Release

Mr. Karl Kottmeier reports

CHEMISTREE CLOSES $2,559,820 FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FINANCING

Chemistree Technology Inc., effective June 25, 2018, has closed the first tranche of the non-brokered private placement as announced May 11, 2018, and as amended June 22, 2018, in the amount of $2,559,820.

The first tranche comprised 7,313,771 units, issued at 35 cents per unit, for gross proceeds of $2,559,820. Each unit consists of one common share and one common share purchase warrant; each warrant will entitle the holder to acquire one additional common share for 50 cents for a period of 24 months after closing of the private placement. The warrants are subject to an acceleration provision, whereby if the closing market price of the common shares of the company on the Canadian Securities Exchange is greater than 60 cents per common share for a period of 10 consecutive trading days, then the company may deliver a notice to the holders of warrants notifying the holders that the warrants must be exercised within 30 calendar days from the date of the acceleration notice; otherwise the warrants will expire at 4 p.m. PT on the 30th calendar day after the date of the acceleration notice.

The company also issued 438,464 finder's warrants in connection with the placement and the warrants will have the same terms as the common share purchase warrants included in the placement units. Securities issued under the placement are subject to a four-month hold period, which will expire four months from the date of closing.

Immediately following this private placement issuance, the company has 28,652,976 common shares issued and outstanding.

The net proceeds of the private placement will be added to general working capital, some of which are expected to be deployed to close the Washington asset acquisition. However, the closing of the private placement is not conditional upon the completion of the Washington asset acquisition, and the company will have discretion to use the proceeds differently if it believes it is in its best interests to do so.

We seek Safe Harbor.

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