08:00:21 EDT Mon 23 Jul 2018
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Chemistree Technology Inc
Symbol C : CHM
Shares Issued 34,222,589
Close 2018-05-31 C$ 0.41
Recent Sedar Documents

Chemistree completes $1.94M final tranche of financing

2018-07-12 14:36 ET - News Release

Mr. Karl Kottmeier reports

CHEMISTREE COMPLETES FINAL TRANCHE OF PRIVATE PLACEMENT FINANCING

Effective July 11, 2018, Chemistree Technology Inc. has closed the final tranche of the non-brokered private placement as announced May 11, 2018, and as amended June 22, 2018, and July 10, 2018, for gross proceeds of $1,949,365. Gross proceeds from the two closings aggregate $4,509,184, which has been added to general working capital.

The July 11, 2018, final tranche comprised 5,569,613 units, issued at 35 cents per unit. 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 257,748 finder warrants in connection with the final tranche, 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 34,222,589 common shares issued and outstanding.

Change of business filing

On June 27, 2018, Chemistree received conditional approval from the CSE for its change of business from a technology issuer to an investment issuer, which was deemed a fundamental change under CSE Policy 8. With the completion of the private placement financing, the company has met all the conditions set out by the CSE. In due course following submission and acceptance of the final documentation required by the CSE, the company expects that the CSE will reinstate trading in the company's common shares. Following final approval by the CSE, the company expects to issue a further news release announcing final approval by the CSE and the reinstatement of trading.

About Chemistree Technology Inc.

Chemistree Technology is an investment company dedicated to the U.S. cannabis sector, providing turnkey solutions for the U.S. regulated cannabis industry. The company's corporate strategy is to acquire and develop vertically integrated U.S. cannabis assets, leveraging management's decades of expertise in the cannabis industry and corporate finance to own and operate licensed cultivation, processing, distribution and retail facilities throughout the United States. The company currently owns assets in Washington State used to operate the Sugarleaf brand and has a robust pipeline of assets to grow its base of business across the United States.

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