Chemistree receives debentureholder approval for restructuring

By Wendy Van Sickle

Columbus, Ohio, April 26 – Chemistree Technology Inc. received approval from holders of its debentures for a restructuring at a meeting on Friday, according to a press release.

The company convened a meeting for holders of its C$6,837,000 of 10% senior convertible debentures due March 29, 2024.

The company previously said it would not be able to settle the amount due in cash, or raise funds to settle the amount in cash.

Chemistree asked debentureholders to approve settling all claims on the debentures for common shares.

The company would issue 683.7 million common shares.

Following the restructuring, debentureholders would hold 90.3% of the outstanding common stock, according to a previous company report.

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

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.