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 has repaid its Unsecured
Convertible Promissory Note (the “
Note”) with Invictus MD
Strategies Corp. (“
Invictus”) in full.The Note,
which was amended on October 30, 2020 had a principal balance of
approximately $2 million, which carried an annual interest rate of
10%. During the most recent 30-day period, the Company made a
series of payments, which fully repaid the principal balance of the
loan and all accrued interest.The Company would like to reiterate
its dedication to operate in a fiscally disciplined manner while
building long-term shareholder value. The Company will continue
evaluating opportunities to eliminate or reduce its debt, and to
reduce operational expenses, while striving to increase its revenue
and gross margins.
Retail Location – DivestmentThe Company
has also successfully completed the sale of its last remaining
retail asset (the “
Vancouver Store”). The Company completed
an asset sale for total proceeds of $500,000, which was paid in
cash upon the closing. The Company previously had a retail store
strategy, where GTEC would own and operate retail locations across
various Provinces. Following a strategic review, management
concluded that the Company would not be able to achieve a
sustainable competitive advantage in the retail cannabis space,
competing against larger competitors with a stronger presence in
the sector, who would ultimately be customers of GTEC’s
recreational brands. Accordingly, the Company has divested of all
its retail assets.
Non-Brokered Private PlacementAt market
close on Friday, February 5, 2021, the Company commenced a
non-brokered private placement (the “
Offering”) of units
(each, a “
Unit”) at a price of $0.20 per Unit for gross
proceeds of up to $4 million. Each Unit consists of one common
share of the Company (each, a “
Common Share”) and one-half
of a common share purchase warrant, exercisable at a price of $0.30
per Common Share exercisable for a term of three-years from the
closing of the Offering.The Company filed for price reservation
based on the closing price per Common Share of $0.245 on February
5, 2021 (which was the 52-week high for the Common Shares as of
February 5, 2021). Commitments to subscribe in the Offering that
were received on or before the close of markets on February 9,
2021, totaled $2.75 million. Further commitments were later
received with demand significantly exceeding the $4 million,
however as a result of the increase in the Company’s share price,
the Company elected to close the book and not accept any further
commitments. Subject to the approval of the TSX Venture Exchange
(the “
TSXV”), the Company intends to close the initial $2.75
million that was committed prior to the increase of the Company’s
share price.Closing of the Offering remains subject to the approval
of the TSXV. All securities issued pursuant to the Offering will be
subject to a statutory hold period lasting four months and one day
following the closing of the Offering.
Warrant
ExtensionFurther to the Company’s press release dated February
24, 2021, the Company, at the request of the TSX Venture Exchange
(the “
TSXV”), announced that it had applied to for
an extension to the expiry date on 11,126,753 common share purchase
warrants (the “
Warrants”) issued in February and
March of 2019. On February 26, 2021, following the close of
markets, the TSXV informed the Company that it was not yet prepared
to approve the extension to the expiry date of the Warrants.
Accordingly, the first tranche of Warrants issued in February 2019
have now expired in accordance with their terms. In order to ensure
equal treatment of all holders of Warrants from the 2019 financing,
the Company will not extend the expiry date of the Warrants issued
in March 2019.
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.coNeither the TSXV nor its
Regulation Services Provider (as that term is defined in the
policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION:This news release includes certain
“forward-looking information” as defined under applicable Canadian
securities legislation. Forward-looking information is 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 information. The forward-looking
information in this news release is generally identified by use of
such terms and phrases as “intend,” “goal,” “strategy,” “estimate,”
“expect,” “project,” “projections,” “forecasts,” “plans,” “seeks,”
“anticipates,” “potential,” “proposed,” “will,” “should,” “could,”
“would,” “may,” “likely,” “designed to,” “foreseeable future,”
“believe,” “scheduled” and other similar expressions. Examples
include statements that the Company will reduce its debt, reduce
operational expenses or increase its revenue and gross margins;
that the terms of the Offering will be approved by the TSXV; and
that the Offering will occur on the terms currently
anticipated.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. For
instance and among other things, such risks include that the TSXV
does not approve the terms of the Offering; the Company will
maintain adequate capital resources and liquidity, including but
not limited to, availability of sufficient cash flow, to execute
the Company’s business plan (either within the expected timeframe
or at all); there can be no assurances regarding potential effects
of judicial or other proceedings on the Company’s business,
financial condition, results of operations and cash flows;
volatility in and/or degradation of general economic, market,
industry or business conditions; compliance with applicable
environmental, economic, health and safety, energy and other
policies and regulations and in particular health concerns with
respect to the use of cannabis; the anticipated effects of actions
of third parties such as competitors, activist investors or
federal, provincial, territorial or local regulatory authorities,
self-regulatory organizations, plaintiffs in litigation or persons
threatening litigation; changes in regulatory requirements in
relation to the Company’s business and products; 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.Accordingly,
readers should not place undue reliance on forward-looking
information, 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 information, whether as a result of new
information, future events or otherwise, except as required by law.
For additional information, please contact:
GTEC Cannabis Co.
1-800-351-6358
contact@gtec.co
GTEC (TSXV:GTEC)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
GTEC (TSXV:GTEC)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024