News - Private Placement & La Finca https://web.tmxmoney.com/article.php?newsid=7411219010105713&qm_symbol=CSI:CNX VANCOUVER, British Columbia, April 16, 2019 (GLOBE NEWSWIRE) -- Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA) (the “Company” or “Chemesis”), is pleased to announce that it has completed a private placement (“Private Placement”) of 500,000 common shares (“Common Shares”) at a price of CDN $1.85 per Common Share under its previously-announced share subscription agreement (the “Agreement”) with Global Emerging Markets (“GEM”). In addition, Chemesis has access to CDN $33,325,000 in draw down equity facilities between Alumina Partners Inc. & GEM.
The Company is also pleased to announce that it has agreed with the holders (“Holders”) of the $5.5 million promissory notes (“Indebtedness”) issued in connection with the Company’s acquisition of La Finca Interacviva-Arachna Med SAS to settle the full aggregate amount of the Indebtedness in exchange for the issuance to the Holders, in aggregate, of 4,104,474 Common Shares. The shares being issued for the debt conversation are subject to a 24-month release/leak-out schedule.
As previously announced, La Finca is leveraging its Seed Producers License and registered cultivars to commence large scale commercialization. This will allow the Company to commence large scale expansion into its 1,060 acres of farmland. Furthermore, Chemesis will continue to leverage the Seed Producers License and its registered cultivars to export high concentrate CBD genetics and distillates.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.