Chemistree Technology Inc. (CSE: CHM, OTCQB: CHMJF) announced a semi-annual interest payment on its convertible debentures, totaling $7,789,000 outstanding. The interest, due on June 30, 2022, will be paid in common shares rather than cash, calculated based on a market price specified in their Supplemental Indenture. The debentures carry a 10% annual interest rate, payable semi-annually. The principal is convertible into shares at $0.50 each. Shareholders are reminded of the significant legal risks associated with cannabis activities in the U.S.
Chemistree Technology Inc. (CSE: CHM, US OTCQB: CHMJF) has secured approval from its debenture holders for amendments to its 10% senior unsecured convertible debentures. The key changes include allowing interest payments in cash or common shares and extending the debenture term by 24 months to March 29, 2024. The principal amount is $7,814,000, convertible at $0.50 per share. Additionally, Chemistree invested $174,000 in Philippine Metals Inc. (PHI) as part of a private placement, related to PHI's reverse takeover of ReVolve Renewable Power Ltd, which has significant growth potential in renewable energy.
Chemistree Technology Inc. (CSE: CHM) (US OTCQB: CHMJF) is investing up to $200,000 in Philippine Metals Inc. (PHI) as part of its strategy to support a reverse takeover by ReVolve Renewable Power Limited. This move capitalizes on the growing renewable energy sector in North America, where ReVolve has a development pipeline of 5GW planned over the next three years. Additionally, Chemistree's extraordinary meeting for debt restructuring was adjourned due to a quorum issue, and a reconvened meeting is set for December 20, 2021.
Chemistree Technology Inc. (CSE: CHM, OTCQB: CHMJF) has announced an Extraordinary Meeting of Debentureholders on November 30, 2021, to consider amendments to its convertible debentures maturing on March 29, 2022. The proposed amendments would allow interest payments to be made in common shares and extend the maturity by 24 months to March 29, 2024. Currently, the principal amount of the debentures is $7,839,000 with a 10% annual interest rate, heightening concerns about the company's cash flow challenges.
Chemistree Technology Inc. (CSE: CHM, US OTCQB: CHMJF) has successfully sold its 9.55-acre land package in Desert Hot Springs, California, for US$1,957,000. Acquired in 2019, the property was developed to a shovel-ready state with essential planning and environmental studies completed. The sale is a significant profit for the company, especially following a downturn in the cannabis market. Additionally, Chemistree retains a back-in option to acquire a cannabis production building as construction progresses under the new owner.
Chemistree Technology Inc. (CSE: CHM, OTCQB: CHMJF) announces that its investee, ImmunoFlex Therapeutics, has successfully completed a clinical trial involving 21 patients aged 60 to 70. The trial explored immune system modulation through compounds such as CBD and THC, showing beneficial genomic changes in T cell receptor recognition. ImmunoFlex plans to submit international patent applications based on this research, indicating potential therapeutic applications for diseases like COVID long haul. Chemistree expresses optimism about ImmunoFlex's progress and future studies.
Chemistree Technology Inc. (OTCQB: CHMJF) announced positive developments in New Jersey's cannabis sector. An Appellate Court ruling has cleared the way for the Department of Health to review pending medical marijuana applications, including Chemistree's, which has high hopes for licensure. Additionally, Governor Phil Murphy signed legalization and decriminalization bills, establishing a regulated adult-use market. Chemistree aims to submit multiple applications to secure licenses in cultivation, manufacturing, and retail as the market expands.
Chemistree Technology Inc. (CSE: CHM) (OTCQB: CHMJF) announced that its investee, ImmunoFlex™, has secured advisory services and conditional funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). This funding will support a Phase 4 clinical trial aimed at optimizing the FLEX 20™ formulation's impact on the immune system. Chemistree's President, Karl Kottmeier, expressed optimism about the support received and encouraged shareholders to join the FLEX 10™ Early Access Program.
Chemistree Technology Inc. (CSE: CHM, CHM.wt; US OTCQB: CHMJF) announced that its investee, Immunoflex Therapeutics, appointed Dr. David MacDonald as a key executive and established a Scientific Advisory Board led by Dr. Vernon Oi. Dr. MacDonald brings over 30 years of experience in drug development, having previously directed R&D at MSI Methylation Sciences. The new advisory board includes prominent experts like Dr. Jian Han and Dr. Leonore A. Herzenberg, enhancing Immunoflex's research capabilities and potential for future innovations.