- GTEC Holdings Limited (GTEC) has announced the closing of its bought deal public offering
- GTEC issued 28,750,000 units at C$0.80 per unit for aggregate gross proceeds of C$23,000,000
- Each unit consists of one common share and one common share purchase warrant
- Each warrant entitles the holder to acquire one common share at a price of C$1.04 until March 30, 2024
- The offering was co-led by Desjardins Capital Markets and Eight Capital as co-lead underwriters and joint book runners
- GTEC Cannabis Co. (GTEC) cultivates, markets, and distributes handcrafted, high-quality cannabis products
- GTEC Holdings Limited (GTEC) is down 2.6 per cent, trading at C$0.75 per share at 11:30 am ET
GTEC Holdings Limited (GTEC) has announced the closing of its bought deal public offering.
GTEC issued 28,750,000 units at C$0.80 per unit for aggregate gross proceeds of C$23,000,000.
The underwriters fully exercised the over-allotment option.
Each unit consists of one common share and one common share purchase warrant.
Each warrant entitles the holder to acquire one common share at a price of C$1.04 until March 30, 2024.
The company may accelerate the expiry date of the warrants on not less than 30 days’ notice after providing written notice to the warrant holders.
The warrants are scheduled to commence trading on the TSXV on Thursday, April 1, 2021, under the symbol GTEC.WT.
The offering was co-led by Desjardins Capital Markets and Eight Capital as co-lead underwriters and joint book runners.
Net proceeds from the offering will be used to repay indebtedness, fund expansion of the company’s operating capacity, fund product development and international expansion opportunities and for general working capital purposes.
The underwriters received a cash commission equal to 6% of the gross proceeds of the offering.
GTEC Cannabis Co. (GTEC) 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 Holdings Limited (GTEC) is down 2.6 per cent, trading at C$0.75 per share at 11:30 am ET.
