Mr. Edgar Montero reports
CHEMESIS INTERNATIONAL INC. ANNOUNCES CONVERSION OF $2,109,461 CONVERTIBLE DEBT TO EQUITY AND GRANTS OPTIONS
Chemesis International Inc. has entered into an arrangement with certain convertible debentureholders, whereby it will repay approximately $2,109,461 owing under various convertible debentures by converting such amount into company equity. The debt will be converted into 2,343,846 units of the company at a conversion price of 90 cents per unit, with each unit comprising one common share and one common share purchase warrant. Each warrant will be exercisable for one common share at a price of $1.12 for a period of 24 months from the date of its issuance.
The debt conversion is expected to complete by Jan. 17, 2020.
The company also announces that it has granted an aggregate of 2,295,000 incentive stock options to directors, officers and consultants of the company under its share-based compensation plan. The options are exercisable at a price of 90 cents per common share, being the last closing price prior to date of grant, for a five-year term.
About Chemesis International Inc.
Chemesis International is a vertically integrated U.S. multistate operator with international operations in Puerto Rico and Colombia.
The company focuses on prudent capital allocation to ensure it maintains a first-mover advantage as it enters new markets and is committed to differentiate itself by deploying resources in markets with major opportunities. The company operates a portfolio of brands that cater to a wide community of cannabis consumers, with focus on quality and consistency.
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