GTEC Holdings Ltd. d/b/a GTEC Cannabis Co. (“GTEC Cannabis Co.”) announced today the closing of 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 for aggregate gross proceeds of $23,000,000, which includes the issuance of 3,750,000 Units pursuant to the full exercise of the over-allotment option by the Underwriters. Each Unit consists of one common share of GTEC and one Common Share purchase warrant of GTEC. Each Warrant entitles the holder to acquire one Common Share at a price of $1.04 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”)is equal to, or greater than, $2.00 for any 10 consecutive trading days.

Published Ncv Newswire, New Cannabis Ventures, 03/30/2021 10:09:00

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