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GTEC Holdings Ltd. (GTEC.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.7500-0.0100 (-1.32%)
At close: 3:59PM EST
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Previous Close0.7600
Open0.7900
Bid0.7500 x 0
Ask0.7600 x 0
Day's Range0.6400 - 0.8200
52 Week Range0.0750 - 0.9000
Volume1,504,773
Avg. Volume1,313,352
Market Cap103.015M
Beta (5Y Monthly)2.47
PE Ratio (TTM)N/A
EPS (TTM)-0.0520
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • GTEC Repays Convertible Debt in Full
    GlobeNewswire

    GTEC Repays Convertible Debt in Full

    Kelowna, BC, March 01, 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 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. CONTACT: For additional information, please contact: GTEC Cannabis Co. 1-800-351-6358 contact@gtec.co

  • GTEC to Extend Expiry of $0.90 Warrants and Announces Earnings Release Date
    GlobeNewswire

    GTEC to Extend Expiry of $0.90 Warrants and Announces Earnings Release Date

    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 ReleaseThe 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 MilestoneThe 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 ServicesGTEC 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 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.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. CONTACT: For additional information, please contact: GTEC Holdings Ltd. 1-800-351-6358 contact@gtec.co

  • Can You Imagine How Jubilant GTEC Holdings' (CVE:GTEC) Shareholders Feel About Its 288% Share Price Gain?
    Simply Wall St.

    Can You Imagine How Jubilant GTEC Holdings' (CVE:GTEC) Shareholders Feel About Its 288% Share Price Gain?

    The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But if you pick the right...