ORIGINAL: Chemesis International Inc. Closes First Tranche of Private Placement
2020-05-19 09:00 ET - News Release
VANCOUVER, BC / ACCESSWIRE / May 19, 2020 / Chemesis International Inc. (CSE:CSI)(OTCQB:CADMF)(FRA:CWAA) (the "Company" or "Chemesis") announces that it has closed the first tranche of a non-brokered private placement, issuing an aggregate of 1,420,000 units ("Units") at a price of $0.50 per Unit for gross proceeds of $710,000.00 ("Private Placement"). The Private Placement is part of a larger offering of up to 6,000,000 Units ("Offering").
Each Unit consists of one common share of the Company and one common share purchase warrant ("Warrant"), with each Warrant entitling the holder thereof to purchase one additional common share ("Warrant Share") of the Company at a price of $1.00 per Warrant Share for a period of 24 months.
All securities issued pursuant to the Private Placement are subject to a statutory four month hold period. The proceeds from the Private Placement (and the Offering as a whole) are intended for general working capital and to fund potential future acquisition opportunities.
On Behalf of The Board of Directors
Edgar Montero
CEO and Director
About Chemesis International Inc.
Chemesis International Inc. is a vertically integrated U.S. Multi-State 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.
Chemesis has facilities in both Puerto Rico and California. The Company is positioned to win additional licenses in highly competitive merit-based US states and will expand its footprint to ensure it maintains a first mover advantage.