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Waverunner Capital Inc. (CSE: WRUN) (US OTC: CHMJF) has announced an Annual General and Special Meeting (AGSM) of shareholders scheduled for November 13, 2024, with a record date of October 4, 2024. The company has filed a Notice of Meeting and Management Information Circular on SEDAR+ and its website.
At the AGSM, shareholders will vote on regular matters such as appointing auditors, ratifying the rolling stock option plan, and electing directors. Additionally, a special resolution will be proposed for a share consolidation of up to 15:1. The Board believes this consolidation will facilitate future financing and business development activities, and help meet CSE minimum pricing requirements for future financings.
While the company expects the consolidation to improve its financial position and increase flexibility for additional financing opportunities, there are no guarantees of post-consolidation financial improvement.
Chemistree Technology (CSE: CHM, OTC: CHMJF) announced a 10-to-1 share consolidation, effective June 24, 2024, reducing issued shares from 744,233,171 to approximately 74,423,317. The company's name will change to Waverunner Capital, with a new ticker symbol WRUN, pending CSE approval. Fractional shares will be adjusted, and new CUSIP and ISIN codes will be assigned. Shareholders will need to process the changes through Computershare Trust Company of Canada or their intermediaries.
Chemistree Technology Inc. announces the approval of a restructuring transaction by its board of directors to settle outstanding 10% senior unsecured convertible debentures in exchange for common shares. The transaction involves issuing 666,800,000 Common Shares at a price of $0.01 per share to Debentureholders. The Company anticipates the transaction to be effective around May 9, 2024. The Canadian Securities Exchange Listings Committee has approved the Company's reliance on an exception to shareholder approval requirements due to financial difficulties.
Chemistree Technology Inc. announces the results of its annual general and special meeting of shareholders. All director nominees were elected, including Douglas E. Ford, Karl Kottmeier, Adam B. Ho, and Robin Gamley. The shareholders approved the appointment of Davidson & Company LLP as auditor but did not approve setting the number of directors at four, ratifying unallocated options, or authorizing a share consolidation.
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Chemistree Technology Inc. has announced an interest payment on its convertible debentures due March 29, 2024, to be made in common shares instead of cash. The outstanding debentures total $7,571,000, accruing 10% interest. In addition, Chemistree invested $200,000 in an Ontario Limited Partnership and $100,000 in PlantFuel Life Inc. The company is on track to sell its Washington subsidiary for expected proceeds of $500,000 and is pursuing a $200,000 payment linked to its former marijuana operations. Significant risks remain related to U.S. cannabis laws.
Chemistree Technology Inc. (CSE: CHM, OTCQB: CHMJF) announced the conditional sale of its Washington state subsidiary for $500,000 (approx. $644,563). The sale is contingent upon obtaining a Tier 3 recreational marijuana producer/process license transfer. The anticipated closing is in Q4 2022. CFO Douglas Ford emphasized the ongoing challenges in the cannabis sector, noting the struggle to maintain gross margins and raise financing. The company is reevaluating its focus on the cannabis industry in light of these difficulties.
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