GTEC Holdings closes $23-million bought deal
2021-03-30 09:42 MT - News Release
GTEC Holdings Ltd. (doing business as GTEC Cannabis Co.) has closed its previously announced bought deal public offering of units of the company. Pursuant to the Offering, GTEC issued 28,750,000 Units at a price of $0.80 per Unit (the "Issue Price") for aggregate gross proceeds of $23-million, including the issuance of 3,750,000 Units pursuant to the full exercise of the over-allotment option by the Underwriters (as defined below).
Each Unit consists of one common share of GTEC (a "Common Share") and one Common Share purchase warrant (each, a "Warrant") of GTEC. Each Warrant entitles the holder to acquire one Common Share at a price of $1.04 (subject to adjustment in certain circumstances) until March 30, 2024, provided that the Company may accelerate the expiry date of the Warrants on not less than 30 days' notice if the daily volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the "TSXV") (or such other nationally recognized stock exchange in Canada or the United States where the Common Shares are then listed and principally traded over such period) is equal to, or greater than, $2.00 for any 10 consecutive trading days following the closing of the Offering, upon the Company providing written notice to the holders of the Warrants within 10 trading days following the end of such 10 day period and issuing a news release announcing the acceleration.
It is anticipated that the Warrants will commence trading on the TSXV on Thursday, April 1, 2021 under the symbol "GTEC.WT", subject to the satisfaction of all listing conditions.
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