Chemistree seeks debentureholder approval for restructuring

Chicago, March 14 – Chemistree Technology Inc. is seeking approval from holders of its debentures for a restructuring, according to a press release.

The company is calling a meeting for holders of its C$6,837,000 of 10% senior convertible debentures due March 29.

The company will not be able to settle the amount due in cash, or raise funds to settle the amount in cash.

The company is asking debentureholders to settle all claims on the debentures for common shares.

The company would issue 683.7 million of common shares.

Following the restructuring, debentureholders would hold 90.3% of the outstanding common stock.

The meeting will be held on April 5. The record date is March 6.

To pass, the extraordinary resolution must be passed by two-thirds of voters holding at least one-quarter of the debentures.

The release noted that the board recommends voting for the transaction.

The company also accepted the resignations of Nicolas Zitelli and Gina Dickson from their roles as directors of the company.

Chemistree Technology is an investment company with holdings in the U.S. cannabis sector and a consumer-targeted biotechnology venture. The company is based in Vancouver, B.C.

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