GTEC to Extend Expiry of $0.90 Warrants and Announces Earnings Release Date
24 Fevereiro 2021 - 7:17PM
Kelowna, BC – February 24, 2021 – GTEC Holdings Ltd.
(TSXV:GTEC) (OTCQB: GGTTF) (FRA: 1BUP) (“
GTEC”, the
“
Company” or
“GTEC Cannabis Co.”) a
multi-licensed producer of handcrafted, high quality cannabis, is
pleased to announce that it intends to extend the expiry date on
11,126,753 common share purchase warrants (the “
Warrants”)
issued in February and March of 2019. The Warrants are exercisable
at $0.90 for a period of 24 months from the date of issuance. The
Company intends to extend the expiry date of the Warrants to July
2, 2021, subject to approval of TSX Venture Exchange (the
“
TSXV”) and the execution of a supplemental indenture with
TSX Trust company, the warrant agent for the Warrants. If all
Warrants are exercised, the Company would generate proceeds of
approximately $10 million.
Year-end Fiscal 2020 Earnings ReleaseThe Company will
report its Year-end audited results for fiscal 2020
on: Wednesday March 3, 2021 at 2:30PM PDT / 5:30PM
EDT
Grey Bruce Farms Harvest MilestoneThe Company
announced that a further milestone, triggered on the date of
December 31, 2020, has been satisfied under the terms and
conditions of a Share Purchase Agreement dated September 15, 2017
among GreenTec Holdings Ltd. and the vendors of Grey Bruce Farms
(“GBF”), as assumed by the Company and subsequently amended
by the parties on March 13, 2020 (together, the “GBF
Agreement”). Accordingly, the Company intends to issue an
aggregate of 795,455 common shares in the capital of the Company
(the “Common Shares”) to the arm’s length vendors of GBF, at
a deemed price of $0.55 per Common Share to satisfy the $437,500
milestone payment required under the terms of the GBF Agreement.
The issuance of Common Shares pursuant to the GBF Agreement is
subject to approval of the TSX Venture Exchange. The Common
Shares will be issued subject to a statutory hold period of four
months and one day from the date of issuance thereof.
Extending Investor Relations ServicesGTEC has extended
its engagement of MariCom Inc. (“MariCom”), a firm based out
of Montreal, Quebec that specializes in providing fully bilingual
investor relations services, and entered into a consulting
agreement dated December 9, 2020 (the “Agreement”). MariCom
will work with GTEC to further develop and deploy the Company’s
comprehensive capital markets strategy and campaign (the
“Services”) in accordance with TSXV policies and applicable
securities laws and regulations.Pursuant to the Agreement, MariCom
will continue to provide the Services to the Company for 24
months. In consideration for the Services, the Company will
issue to MariCom 200,000 options (“Options”) to purchase
Common Shares. The Options are exercisable at a price of $0.60 per
share for a term of two years and will vest in equal quarterly
installments. MariCom currently holds 100,000 Options and 100,000
Common Shares. MariCom reserves the right to acquire any additional
securities of the Company. The Agreement is subject to
approval of the TSXV.
About GTEC Cannabis CoGTEC Cannabis Co cultivates,
markets, and distributes the high-end cannabis products that
consumers desire. The Company has four operational facilities
licensed by Health Canada and is currently distributing cannabis
through medical and recreational sales channels.GTEC’s quality
product offering is crafted from rare and unique cultivars. GTEC’s
recreational cannabis brands include BLK
MKT™ , Tenzo™, Cognōscente™ and Treehugger™. The
Company’s medical cannabis brand, GreenTec™, is distributed
nationally to qualified patients through its GreenTec Medical
website and various licensed partners.GTEC is a publicly traded
corporation, listed on the TSX Venture Exchange (GTEC), OTCQB
Venture Market (GGTTF) and Frankfurt Stock Exchange (1BUP). The
Company’s headquarters is located in Kelowna, B.C. and has
operations in B.C., Alberta and Ontario.To learn more about the
Company or to access the most recent Corporate Presentation, please
visit our website at www.gtec.co
For additional information, please contact:GTEC Cannabis
Co.1-800-351-6358 contact@gtec.co
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION:This news release includes certain “forward-looking
statements” under applicable Canadian securities legislation,
including with respect the term extension of the Warrants and the
payment of the Grey Bruce milestones, which both remain subject to
TSXV approval. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; delay or failure to receive board,
shareholder or regulatory approvals, where applicable and the state
of the capital markets. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements, which speak only as of the date of this
news release. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
For additional information, please contact:
GTEC Holdings Ltd.
1-800-351-6358
contact@gtec.co
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