Kelowna, BC, Feb. 24, 2021 (GLOBE NEWSWIRE) -- 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 Release
The 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 Milestone
The 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 Services
GTEC 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 Co
GTEC 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.