KELOWNA, BC, Oct. 23, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV:
GTEC; OTC: GGTTF) ("GTEC" or the "Company") is
pleased to announce that pursuant to the Loan Agreement with
Invictus MD Strategies Corp. (TSXV:GENE; OTC:IVITF; FRA:8IS1)
("Invictus") dated October 16,
2018, as announced on October 19,
2018, it has completed the draw down of $2,000,000 of convertible debt (the
"Convertible Debt"), evidenced by way of a Convertible Grid
Promissory Note (the "Promissory Note"). The proceeds from
the Convertible Debt will be used by GTEC to further execute GTEC's
cannabis retail expansion strategy in Canada.
The terms of the Promissory Note remain unchanged from the terms
disclosed in the Company's press releases dated August 30, 2018 and October 19, 2018, and are as follows:
- the Convertible Debt shall bear interest computed in the
outstanding balance at the rate of 8% per annum, calculated and
paid in arrears on the first day of each calendar month;
- GTEC shall repay the Convertible Debt on or prior to the date
which is 24 months following the date of advance ("Maturity
Date");
- subject to the approval of the TSX Venture Exchange, Invictus
may convert the Convertible Debt into common shares in the capital
of GTEC ("Common Shares") at a price of $1.50 per Common Share, at any time prior to the
last business day immediately preceding the Maturity Date; and
- upon mutual agreement of both parties prior to the Maturity
Date, Invictus may increase the amount of the convertible loan
facility up to $6,000,000.
The Promissory Note and any Common Shares issued upon conversion
of the Promissory Note will be subject to a four month hold period
from the date of issuance of the Promissory Note in accordance with
applicable Canadian securities laws.
The Company announces that 100,000 incentive stock options have
been granted to Jeremy Wright, the
Chief Financial Officer of the Company. The stock options vest
immediately and have an exercise price of $0.86 per share and are exercisable for a period
of three years from the grant date. The options are subject to, in
all respects, the terms of the Company's stock option plan and the
requirements of the TSX Venture Exchange.
About Invictus
Invictus is a global cannabis company
offering a selection of products under a wide range of lifestyle
brands. Its integrated sales approach is defined by five pillars of
distribution including medical, adult-use, international, Licensed
Producer to Licensed Producer and retail stores.
Invictus has partnered with business leaders to convey its
corporate vision, including KISS music legend and business mogul
Gene Simmons as its Chief Evangelist
Officer. To meet growing demand, Invictus is expanding its
cultivation footprint, with two cannabis production facilities
fully licensed under the ACMPR in Canada and a third awaiting approval,
featuring 100,000 square feet of available grow space today with
200,000 expected by January 2019 and
up to 1 million by end of 2020. To accommodate international sales,
Invictus' wholly-owned subsidiary, Acreage Pharms Ltd. ("Acreage
Pharms"), has designed and is currently building its Phase 3 and 4
purpose-built cultivation facilities to be European Union Good
Manufacturing Practices ("EU-GMP") compliant. The Company will
earmark up to 50 per cent of production to the medical market. To
ensure consistency in quality and supply, Invictus maintains all
aspects of the growing process through its subsidiary, Future
Harvest Development Ltd., a high-quality Fertilizer and Nutrients
manufacturer. Invictus drives sustainable long-term shareholder
value through a diversified product portfolio with over 69 Health
Canada approved strains and a multifaceted distribution strategy
including medical, adult-use, international, Licensed Producer to
Licensed Producer and retail stores. For more information visit
www.invictus-md.com.
About GTEC
GTEC was founded in 2017 to capitalize on
opportunities in the nascent and rapidly growing legal cannabis
industry. GTEC is a public corporation listed on the TSX Venture
Exchange and based in Kelowna, British
Columbia. GTEC is focused on growing premium quality craft
cannabis in purpose-built indoor facilities. GTEC currently holds a
100% interest in GreenTec Bio-Pharmaceuticals Corp., Grey Bruce
Farms Inc., Zenalytic Laboratories Ltd., Alberta Craft Cannabis
Inc. and Tumbleweed Farms Corp. To view more about the company or
to request our most recent corporate presentation, please visit our
website at www.gtec.co.
On behalf of the board,
Norton Singhavon
Founder, Chairman & CEO
778-760-8288
ns@gtec.co
Michael Blady
Co-Founder & Vice President
604-720-3474
mb@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. 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. 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.
SOURCE GreenTec Holdings