Chemesis International Inc. announced that it has closed a non-brokered private placement of 14,000,000 units at a price of CAD 0.10 per unit for gross proceeds of CAD 1,400,000 on September 2, 2022. The transaction included participation from certain insiders of the company for 1,815,000 units. Each unit consists of one common share in the capital of the company and one share purchase warrant.

Each warrant entitles the holder thereof to purchase one additional share at a price of CAD 0.12 until September 1, 2024. The shares and warrants issued pursuant to the private placement are subject to a four-month hold period expiring on January 2, 2023. The company didn't pay finders' fee in the transaction.

The transaction has been approved by the board of directors of the company. The transaction is subject to approval of Canadian Securities Exchange.