There were a number of stocks that had ended up with a steep decline this past Friday and one of those was the Chemesis International Inc (OTCMKTS:CADMF) stock, which ended up with a decline of as much as 16%. The stock suffered from a selloff after it announced that it had been successful in completing a private placement of a non-brokered nature that had been announced previously.
Trading Data
On Friday, CADMF stock fell 15.99% to $0.1183 with more than 1.61K shares traded, compared to volume of 20.20K shares. The stock moved within a range of $0.1032 – 0.1183 after opening trading at $0.1032.
Chemesis International Inc. Closes Private Placement, Makes Initial Payment And Share Issuance Pursuant To Property Option Agreement And Settles Debt For Shares
The company issued as many as 14,000,000 units for the price of $0.10 each and managed to raise gross proceeds to the tune of as much as $1,400,000.
Each unit comprises one common share in Chemesis International and a solitary share purchase warrant. Anyone who holds a warrant is going to be entitled to pick up a share in Chemesis for the price of $0.12 up until September 1, 2024.
However, it necessary to point out that the warrants and shares are going to be subject to a mandatory hold period of four months, which is going to end on January 2, 2023. The news about the issuance of these units did not seem to go down well with investors and the stock suffered.
