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GTEC Holdings Ltd. (GTEC.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.58000.0000 (0.00%)
At close: 3:59PM EDT
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Previous Close0.5800
Open0.5600
Bid0.5800 x 0
Ask0.5900 x 0
Day's Range0.5600 - 0.6500
52 Week Range0.0800 - 1.1000
Volume534,271
Avg. Volume1,365,641
Market Cap115.343M
Beta (5Y Monthly)4.50
PE Ratio (TTM)N/A
EPS (TTM)-0.0570
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • GTEC Cannabis Co Reports First Quarter of Fiscal 2021 Results
    CNW Group

    GTEC Cannabis Co Reports First Quarter of Fiscal 2021 Results

    GTEC Holdings Ltd. d/b/a GTEC Cannabis Co. (TSXV: GTEC) (OTCQB: GGTTF) (FRA: 1BUP) ("GTEC", the "Company" or "GTEC Cannabis Co.") a multi-licensed producer of handcrafted, high quality cannabis products, is pleased to announce that it has reported its First Quarter financial results of fiscal 2021.

  • GTEC Repays $6 Million Loan and Eliminates All Debt
    GlobeNewswire

    GTEC Repays $6 Million Loan and Eliminates All Debt

    Kelowna, BC, April 12, 2021 (GLOBE NEWSWIRE) -- 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 two Senior Secured Promissory Notes (the “Notes”) with NFS Leasing Canada Ltd. (“NFS”) in full.The Notes, which carried an aggregate principal balance of approximately $6 million, were fully repaid on April 9, 2021. The complete elimination of the Company’s debt, including the repayment of the Invictus Promissory Note (as announced on March 1, 2021), will deliver over $1 million in interest savings over the next 12-months.The Company is now free of all debt liabilities, with all security interests removed and the Company’s assets fully unencumbered. Accordingly, the Company now has a strong working capital position and balance sheet, with a current cash balance of approximately $19 million.“We would like to thank the team at NFS for supporting our vision as we navigated through a key phase of the growth of our emerging business,” said Norton Singhavon, Founder and CEO at GTEC. “We are extremely pleased to become one of the few debt free Companies within the sector, as we continue on our mission to become a leading producer of high-quality cannabis products in North America and globally.”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 reduce operational expenses, while striving to increase its revenue and gross margins.About GTEC Cannabis CoGTEC Cannabis Co. cultivates, markets, and distributes handcrafted, high quality cannabis products. The Company has three fully licensed and operational facilities and is currently distributing cannabis through medical and recreational sales channels.GTEC’s premium quality recreational cannabis brands includes; BLK MKT™, Tenzo™, Cognōscente™ and Treehugger™, which are crafted from unique cultivars, and sold in British Columbia, Ontario, Saskatchewan, Manitoba and Yukon. The Company’s medical cannabis brand, GreenTec™, is distributed nationwide to qualified patients through its GreenTec Medical website and various licensed partners.GTEC is a publicly traded corporation, listed on the TSXV (GTEC), OTCQB Venture Market (GGTTF) and Frankfurt Stock Exchange (1BUP). The Company’s headquarters is located in Kelowna, British Columbia and has operations in British Columbia, 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. Examples include statements that the Company will operate in a fiscally disciplined manner, build long-term shareholder value, reduce operational expenses, or increase its revenue and gross margins.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 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. CONTACT: For additional information, please contact: GTEC Cannabis Co. 1-800-351-6358 contact@gtec.co

  • GTEC Announces Closing of $23 Million Bought Deal Public Offering of Units
    GlobeNewswire

    GTEC Announces Closing of $23 Million Bought Deal Public Offering of Units

    NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.Kelowna, BC, March 30, 2021 (GLOBE NEWSWIRE) -- GTEC Holdings Ltd. d/b/a GTEC Cannabis Co. (TSXV:GTEC) (OTCQB: GGTTF) (FRA: 1BUP) (“GTEC”, the “Company” or “GTEC Cannabis Co.”) announced today the closing of its previously announced bought deal public offering of units (the “Units”) of the Company (the “Offering”). 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 $23,000,000, which includes 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.The Offering was co-led by Desjardins Capital Markets and Eight Capital as co-lead underwriters and joint book runners (collectively, the “Underwriters”), pursuant to the terms of an underwriting agreement entered into between the Company and the Underwriters.The Offering was made in all provinces of Canada (excluding Québec), pursuant to a short form prospectus dated March 23, 2021 (the “Prospectus”).The Company intends to use the net proceeds from the Offering to repay indebtedness, to fund expansion of the Company’s operating capacity, fund product development and international expansion opportunities, and for general working capital purposes, as further set out in the Prospectus.A copy of the Prospectus is available under the Company’s profile on SEDAR at www.sedar.com.The securities offered in the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.In consideration for their services, the Underwriters received a cash commission equal to 6% of the gross proceeds of the Offering, subject to a reduced fee equal to 3% for Units sold to certain purchasers designated by the Company on a president’s list (the “President’s List”) and non-transferable broker warrants (the “Broker Warrants”) to purchase that number of Common Shares that is equal to 6% of the Units sold in the Offering, subject to a reduced number of Broker Warrants that is equal to 3% of the Units sold to purchasers on the President’s List. Each Broker Warrant is exercisable at the Issue Price to acquire one Common Share for a period of 36 months following the closing of the Offering.About GTECGTEC Cannabis Co. cultivates, markets, and distributes handcrafted, high quality cannabis products. The Company has four operational facilities licenced by Health Canada and is currently distributing cannabis through medical and recreational sales channels.GTEC’s premium quality recreational cannabis brands includes; BLK MKT™, Tenzo™, Cognoscente™ and Treehugger™, which are crafted from unique cultivars, and sold in British Columbia, Ontario, Saskatchewan, Manitoba and Yukon. The Company’s medical cannabis brand, GreenTec™, is distributed nationwide to qualified patients through its GreenTec Medical website and various licensed partners.GTEC is a publicly traded corporation, listed on the TSXV (GTEC), OTCQB Venture Market (GGTTF) and Frankfurt Stock Exchange (1BUP). The Company’s headquarters is located in Kelowna, British Columbia and has operations in British Columbia, Alberta and Ontario.To learn more about the Company or to access the most recent Corporate Presentation, please visit the Company’s website at www.gtec.co.Neither 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.Forward-Looking StatementsThis news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions including: with respect to the timing of and final approval for the listing of the Warrants on the TSXV; the anticipated use of proceeds from the Offering; the ability of the Company to identify and pursue international opportunities; and expectations for other economic, business, and/or competitive factors.Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; potential conflicts of interest; the Canadian regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; changes in applicable laws; compliance with extensive government regulation; public opinion and perception of the cannabis industry; and the risk factors set out in the Company’s final short form prospectus dated March 23, 2021, filed with Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com.Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. CONTACT: For additional information, please contact: GTEC Cannabis Co. 1-800-351-6358 contact@gtec.co