GTEC Holdings Completes Draw Down on $2 Million Convertible Loan Facility
GTEC Holdings Completes Draw Down on $2 Million Convertible Loan Facility |
[23-October-2018] |
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 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 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 On behalf of the board, Norton Singhavon Michael Blady 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 SOURCE GreenTec Holdings | ||
Company Codes: TorontoVE:GTEC, OTC-PINK:GGTTF |
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