VANCOUVER, British Columbia, Oct. 12, 2017 (GLOBE NEWSWIRE/Korea IT Times) -- Chemistree Technology Inc. (CSE:CHM) (OTCQB:CHMJF) (the “Company”) is pleased to report that effective October 12, 2017 it has closed the first tranche of the non-brokered private placement as announced August 3, 2017.
The Company issued 5,146,000 common shares at $0.25 per share for gross proceeds of $1,286,500. Immediately following this private placement issuance, the Company has 20,294,405 common shares issued and outstanding.
Securities issued under the placement are subject to a four-month hold period, which will expire four months from the date of closing. The proceeds from the placement will be used for general working capital purposes.
The Company may close a final tranche of the private placement for up to $700,000 via the issuance of up to 2,800,000 common shares prior to the end of October 2017.
Chemistree is an exciting new company, focusing its efforts on social media, branding, licensing and marketing technology. In addition to marketing events, brands and any other activities in the cannabis industry, the company will continue to identify other avenues for growth for social media marketing services, as well as brand marketing, product marketing, and more general services like financing and corporate consulting. The Company believes the cannabis industry offers a tremendous opportunity for growth. The reason for this is simply that marketing of cannabis companies, their products as well as information about the industry itself is in its infancy. Initially, the Pacific Northwest is the Company's main target geography, but this is expected to expand from British Columbia and Washington into Oregon, and eventually California.
For more information, please contact Paul Searle at (778) 240-7724 or by email at paul@chemistree.ca.
“Karl Kottmeier”
President
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
