VANCOUVER, British Columbia, March 01, 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 1,500,000 units (“Units”) at a price of $1.84 per Unit. Each Unit is comprised of one common share and one common share purchase warrant (“Warrants”). Each Warrant is exercisable for one common share at a price of CDN $2.50 for a period of 60 months.
The Company is also pleased to announce that it has entered into a CDN $10,000,000 share subscription agreement (the “Agreement”) with Global Emerging Markets (“GEM”). The Agreement provides that the Company may, at any time while the agreement is in effect, deliver a draw-down notice to GEM specifying the number of common shares for which GEM will then have an obligation to subscribe, up to a maximum of CDN $10,000,000.
Generally, the subscription price per share for common shares placed under the Share Facility Agreement will be 90% of the average trading price of the common shares for the fifteen (15) trading day period immediately following the draw down notice, subject to the Company’s right to set a floor price in the relevant placement notice.
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.
On Behalf of The Board of Directors
CEO and Director
About Chemesis International Inc.
Chemesis International Inc. is a vertically integrated global leader in the cannabis industry, currently operating within California, Puerto Rico, and Colombia.
Chemesis is developing a strong foothold in key markets, from cultivation, to manufacturing, distribution and retail. Chemesis has facilities in both Puerto Rico and California, allowing for cost effective production and distribution of its products. In addition, Chemesis leverages exclusive brands and partnerships and uses the highest quality extraction methods to provide consumers with quality cannabis products.
Chemesis will add shareholder value by exploring opportunities in emerging markets while consistently delivering quality product to its consumers from seed to sale.
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Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company’s ability to complete future placements under the Agreement or any other future offering of securities, and the Company's business, products and future of the Company’s business, its product offerings and plans for sales and marketing. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that a placement under the Agreement may not complete in the full amount contemplated, or at all, the proceeds will not be utilized as anticipated, the Company's products and plans will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release