04:34 PM EDT, 05/10/2024 (MT Newswires) -- Chemistree Technology ( CHMJF ) said Friday it completed the previously announced restructuring transaction to settle $6.6 million in principal amount of outstanding 10% senior unsecured convertible debentures of the company.

All of the Debentures were settled and all claims of the holders of the debentures extinguished in exchange for the issuance of an aggregate of 666.8-million shares in the company at a price of $0.01 per share to debenture holders.

Immediately before the restructuring transaction, there were 77.4--million shares outstanding. Following the completion of the transaction, there are 744.2-million shares outstanding.