junkHustler
5 years ago
GTEC Announces Tumbleweed Farms Evidence Package Submission to Health Canada to Confirm Readiness of Cultivation License
GTEC Holdings Ltd. (TSXV: GTEC) (OTCQB: GGTTF) (FRA: 1BUP) (“GTEC” or the “Company”) is pleased to announce that Tumbleweed Farms (the “Facility”) has submitted its Affirmation of Readiness and Video Evidence Package (the “Evidence Package”) to Health Canada. The Evidence Package submission is the final step required in order to demonstrate and confirm to Health Canada that the Facility is fully built, operationally ready and is in compliance with the Cannabis Act and Regulations, prior to being issued its Standard Cultivation License. The Facility has also received all other necessary municipal approvals in order to operate, including an Occupancy Permit from the Thompson-Nicola Regional District.
In addition to the existing cultivation license at the Company’s Alberta Craft Cannabis facility in Edmonton, Tumbleweed Farms is the first purpose-built indoor facility that GTEC has completed in order to produce, market and distribute its ultra-premium flower. The Company’s initial planned cultivation footprint is expected to span a total of 120,000 square feet, across three Provinces (Tumbleweed Farms in British Columbia, Alberta Craft Cannabis in Alberta, and Grey Bruce Farms in Ontario), with the anticipation of reaching an estimated annual output of 14,000 kg of indoor flower within 2019 (through the completion of GreenTec Bio-Pharmaceuticals and 3PL, both in British Columbia).
“We are excited to deliver another instrumental milestone to our shareholders, and to further increase our existing cultivation capacity,” said Norton Singhavon, Founder, Chairman and CEO of GTEC. “We look forward to Health Canada’s response and; subject to meeting all of the necessary requirements, the issuance of the Company’s second Standard Cultivation License.”
On January 30, 2019 the Company issued a press release stating the construction at the Tumbleweed Facility was complete, and that management had expected its final submission into Health Canada the following week. Management had made the decision to postpone its submission to Health Canada and to engage with its regulatory consultant, Cannabis Compliance Inc to conduct an in-depth gap analysis to review and address any deficiencies that would potentially arise with Health Canada before its submission.
Tumbleweed Farms’ initial phase consists of 10,000 square feet for indoor cultivation, strategically located in Chase BC, about 8kms from the Trans-Canada Highway and situated just outside of the Kamloops City limits. The property sits on 23 acres of land with significant future expansion capabilities and access to an on-site gravity fed natural artesian well.
Amending Agreement and Vendor Milestone Payments
The Company has also entered into an agreement on March 4, 2019 (the “Amending Agreement”), amending certain terms and conditions of the definitive share purchase agreement with the Vendors of Tumbleweed Farms, dated August 12, 2017, as amended. The Amending Agreement replaced, among other things, the previous cash milestone payments with the following:
Upon the Company submitting an evidence package in connection with its application for a licence for cultivation from Health Canada, the Company is to issue $2,250,000 worth of common shares of GTEC (each, a “Common Share” and collectively, the “Common Shares”) at a deemed price per Common Share equal to the 30-day VWAP.
In connection with the Amending Agreement, GTEC intends to issue an aggregate of $2,250,000 of Common Shares in satisfaction of the above-mentioned milestone payment. Accordingly, the Company will issue 3,759,319 Common Shares to the Vendors at a deemed value of approximately $0.60.
GTEC Retains Market-Making Services
GTEC has, subject to regulatory approval, retained Venture Liquidity Providers Inc. (VLP) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the corporation has agreed to pay VLP $5,000 per month for a period of 12 months. The agreement may be terminated at any time by the corporation or VLP. The corporation and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the corporation or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the company to VLP is for services only.
VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.
For more information about the TSX Venture Market Making Program, please visit:
https://www.tsx.com/trading/toronto-stock-exchange/order-types-and-features/market-maker-program
About GTEC
GTEC Holdings is a specialized cannabis company dedicated to cultivating ultra-premium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and is currently licensed by Health Canada for Standard Cultivation, Standard Processing and Analytical testing. The management team is comprised of a diverse skill set sourced from leading global food & beverage and premium alcohol companies. GTEC has completed three cultivation facilities and is currently cultivating and selling cannabis. The Company has two additional facilities coming on stream in the latter half of 2019, which will increase annual capacity from 4,000 kg to 14,000 kg. GTEC’s retail division is pursuing licensing for over 35 recreational cannabis stores across Western Canada. GTEC’s ultra-premium indoor flower will be marketed and sold under its flagship trademarked brands; BLK MKT™, Tenzo™, GreenTec™, Cognoscente™, Treehugger™, and FN™. The Company is actively pursuing sales and distribution opportunities across all major business channels: medical, recreational, B2B and export. GTEC is a publicly traded corporation, listed on the TSX Venture Exchange, OTCQB Venture Market and Frankfurt Stock Exchange. The Company is headquartered in Kelowna, British Columbia.
junkHustler
5 years ago
GTEC Holdings Announces Alberta Craft Facility Completes First Harvest of the Year and Now Operating in Full Production
GTEC Holdings Ltd. (TSXV: GTEC) (OTCQB: GGTTF) (FRA: 1BUP) (“GTEC” or the “Company”) is pleased to announce that Alberta Craft Cannabis (“ACC”) has completed its first harvest of 2019 and is now operating at a fully utilized production capacity and anticipates to be harvesting every 10 days. The Company expects that ACC will exceed its anticipated annual output of 1,300 KG due to harvests producing higher yields than originally projected. The Company is also experiencing a significant demand for its premium tiered flower produced at ACC, which is now being sold to multiple Licensed Producers on a B2B basis.
ACC’s previous harvests of Cold Creek Kush has become the #1 selling product on CannMart’s online medical cannabis platform, which is packaged and sold under GTEC’s flagship medical brand, GreenTec™. CannMart is a wholly owned subsidiary of Namaste Technologies Inc. (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF).
“We are extremely proud of the high demand and positive feedback from the products we have distributed to Canadian cannabis consumers to date.” said Norton Singhavon, Founder, Chairman and CEO of GTEC. “We believe that this demonstrates our ability to execute on our vision of producing, marketing and distributing an ultra-premium product to the Canadian medical and adult-use market.”
The Company would also like to provide the following updates on its other cultivation subsidiaries:
Tumbleweed Farms (“Tumbleweed”) is our 10,000 sq.ft. purpose-built facility in Chase, BC which has recently completed construction. The company is actively pursuing its Cultivation License for this facility. Tumbleweed is projected to produce 1,000 KG of cannabis annually.
Grey Bruce Farms (“Grey Bruce”) is a 15,000 sq. ft. cannabis cultivation facility in Kincardine, Ontario. The Company has completed a major retrofit of an existing industrial building and anticipates fully completing the facility this month. Grey Bruce is projected to produce 1,640 KG of cannabis annually.
GreenTec Bio-Pharmaceuticals (“GreenTec”) is GTEC’s flagship and purpose-built facility located in Kelowna, BC. GreenTec is currently in Phase 1 of development, building 20,000 sq. ft. of its planned 80,000 sq. ft. cannabis cultivation facility. Construction of this facility commenced in 2018 and is expected to be completed in mid-2019. GreenTec is projected to produce 2,150 KG of cannabis annually.
3PL Joint Venture (“3PL”) is a GTEC agreement with F-20 Developments Corp. to develop a premium indoor cultivation facility in Vernon, BC. The 3PL (three per light) facility is currently being retrofitted to facilitate the cultivation of ultra-premium cannabis. Phase 1 of this partnership is currently underway, with completion anticipated in Q3 2019. 3PL is projected to produce 8,000 KG of cannabis annually.
About GTEC
GTEC Holdings is a specialized cannabis company dedicated to cultivating ultra-premium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and is currently licensed by Health Canada for Standard Cultivation, Standard Processing and Analytical testing. The management team is comprised of a diverse skill set sourced from leading global food & beverage and premium alcohol companies. GTEC has completed three cultivation facilities and is currently cultivating and selling cannabis. The Company has two additional facilities coming on stream in the latter half of 2019, which will increase annual capacity from 4,000 kg to 14,000 kg. GTEC’s retail division is pursuing licensing for over 35 recreational cannabis stores across Western Canada. GTEC’s ultra-premium indoor flower will be marketed and sold under its flagship trademarked brands; BLK MKT™, Tenzo™, GreenTec™, Cognoscente™, FN™, and Treehugger™. The Company is actively pursuing sales and distribution opportunities across all major business channels: medical, recreational, B2B and export. GTEC is a publicly traded corporation, listed on the TSX Venture Exchange, OTCQB Venture Market and Frankfurt Stock Exchange. The Company is headquartered in Kelowna, British Columbia.
junkHustler
5 years ago
GTEC Holdings Engages Oak Hill Financial Inc. to Provide Investor Relations Services
GTEC Holdings Ltd. (TSXV: GTEC) (OTCQB: GGTTF) (FRA: 1BUP) (“GTEC” or the “Company”) is pleased to announce that it has retained Oak Hill Financial Inc. (“Oak Hill”) to provide investor relations services to the Company in compliance with regulatory guidelines.
Oak Hill is a Toronto-based firm which develops strategic platforms for its clients that are utilized to gain exposure and recognition to the capital markets. Oak Hill provides asset management, capital market and investor relations services. Its team has marketed corporate issuers ranging in market cap from $10M to $1B in a variety of different sectors to the Canadian retail brokerage channel, family offices and institutional networks. Oak Hill’s team of has experience across equity capital markets, equity research, portfolio management, institutional equity sales, and traditional investor relations – resulting in tailored and highly collaborative solutions. Oak Hill is located at 181 Bay Street, Suite 1030 in Toronto.
Oak Hill will work closely with GTEC to develop and deploy a comprehensive capital markets strategy and campaign. Activities will include providing an investor relations program catering to retail investors, marketing services and an ongoing client services program.
Under the terms of engagement, Oak Hill has been retained for a five-month period at $40,000 for the full term. The Company has also granted 100,000 stock options to Oak Hill at an exercise price of $0.57, expiring March 1, 2022. The options will vest in five equal tranches and will vest in full on March 1, 2020. This agreement is subject to the approval of the TSX Venture Exchange.
About GTEC
GTEC Holdings is a specialized cannabis company dedicated to cultivating ultra-premium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and is currently licensed by Health Canada for Standard Cultivation, Standard Processing and Analytical testing. The management team is comprised of a diverse skill set sourced from leading global food & beverage and premium alcohol companies. GTEC has completed three cultivation facilities and is currently cultivating and selling cannabis. The Company has two additional facilities coming on stream in the latter half of 2019, which will increase annual capacity from 4,000 kg to 14,000 kg. GTEC’s retail division is pursuing licensing for over 35 recreational cannabis stores across Western Canada. GTEC’s ultra-premium indoor flower will be marketed and sold under its flagship trademarked brands; BLK MKT ™, Tenzo ™, GreenTec ™, Cognoscente ™, FN ™, and Treehugger ™. The Company is actively pursuing sales and distribution opportunities across all major business channels: medical, recreational, B2B and export. GTEC is a publicly traded corporation, listed on the TSX Venture Exchange, OTCQB Venture Market and Frankfurt Stock Exchange. The Company is headquartered in Kelowna, British Columbia.
junkHustler
5 years ago
GTEC Announces $6.1 Million First Tranche Closing of Upsized Private Placement
GTEC Holdings Ltd. (TSXV: GTEC) (OTCQB: GGTTF) (FRA: 1BUP) (“GTEC” or the “Company”) is pleased to announce that it has closed the first tranche of its previously announced upsized private placement offering led by Sprott Capital Partners LP (the “Agents”) pursuant to which the Company issued 11,126,753 units of the Company (each a “Unit” and collectively, the “Units”) at a price of $0.55 per Unit for gross proceeds of $6,119,714.15. The Company intends to raise up to $8,000,000 pursuant to both closings of this offering (the “Offering”). The Agents have the option to increase the size of the Offering by up to 25% (the “Agents’ Option”) for additional gross proceeds of up to $2,000,000, which Agents’ Option is exercisable, in whole or in part, at any time up to 48 hours prior to the final closing date of the Offering.
“We are extremely pleased with the growing demand from investors and the results of this financing” said Norton Singhavon, Founder, Chairman & CEO of GTEC. “With the proceeds of this financing, we are fully funded to execute on our 2019 plans to increase our capacity to 14,000kg this year. We are also excited to take on new shareholders offering long-term institutional support as we continue to execute on our vision to produce, market and distribute ultra-premium cannabis and its derivatives to Canadian consumers.”
Each Unit issuable under the Offering consists of one common share of the Company (the “Common Shares”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant” and collectively, the “Warrants”), with each Warrant exercisable at $0.90 for a period of 24 months from the date of issuance. The Warrants are subject to an acceleration clause that allows the Company to accelerate the expiry date of the Warrants to 30-days from delivery of such notice, in the event that the volume weighted average price of the Common Shares on the TSX Venture Exchange (the “Exchange”) equals or exceeds $1.50 for 20 consecutive trading days.
The Company has agreed to pay the Agents, other than in respect of certain purchases, (i) a cash commission equal to 6% of the gross proceeds of the Offering and (ii) broker warrants (each a “Broker Warrant”) in a number equal to 6% of the number of Units sold under the Offering. Each Broker Warrant is exercisable to acquire one Unit at $0.55 for a period of two years from the closing date of the Offering.
The net proceeds of the Offering will be used for general corporate and working capital purposes. The second tranche close of the Offering is expected to occur on or about March 19, 2019 (the “Closing Date”) and is subject to receipt of all necessary regulatory approvals, including the approval of the Exchange.
All securities issued pursuant to the Offering will be subject to a statutory hold period lasting four months and one day following the closing date of each tranche.
Insiders of the Company subscribed for an aggregate of 873,869 Units. Norton Singhavon, Co-Founder, President and Chief Executive Officer of the Company subscribed for an aggregate of 280,869 Units (91,741 Units were subscribed through a holding company owned by Mr. Singhavon) and Michael Blady, the Co-Founder and Vice-President of the Company subscribed for 500,000 Units. In addition, David Lynn, the Chief Operating Officer and Aaron Dow, a director of the Company subscribed for 20,000 and 73,000 Units respectively. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The related party transaction is exempt from minority approval, information circular, and formal valuation requirements pursuant to the exemptions contained in Sections 5.7(a) and 5.5(a) of MI 61-101, as neither the fair market value of the gross securities issued under the Offering nor the consideration paid by the insiders exceed 25% of the Company’s market capitalization
About GTEC
GTEC Holdings is a specialized cannabis company dedicated to cultivating ultra-premium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and is currently licensed by Health Canada for Standard Cultivation, Standard Processing and Analytical testing. The management team is comprised of a diverse skill set sourced from leading global food & beverage and premium alcohol companies. GTEC has completed three cultivation facilities and is currently cultivating and selling cannabis. The Company has two additional facilities coming on stream in the latter half of 2019, which will increase annual capacity from 4,000 kg to 14,000 kg. GTEC’s retail division is pursuing licensing for over 35 recreational cannabis stores across Western Canada. GTEC’s ultra-premium indoor flower will be marketed and sold under its flagship trademarked brands; BLK MKT ™, Tenzo ™, GreenTec ™, Cognoscente ™, FN ™, and Treehugger ™. The Company is actively pursuing sales and distribution opportunities across all major business channels: medical, recreational, B2B and export. GTEC is a publicly traded corporation, listed on the TSX Venture Exchange, OTCQB Venture Market and Frankfurt Stock Exchange. The Company is headquartered in Kelowna, British Columbia.
junkHustler
5 years ago
GTEC Completes Initial Phase Construction of Purpose-Built Indoor Facility Tumbleweed Farms
GTEC Holdings Ltd. (TSXV: GTEC) (OTC: GGTTF) (FRA: 1BUP) (“GTEC” or the “Company”) is pleased to announce the completion of its initial phase construction at its purpose-built indoor cultivation facility, Tumbleweed Farms.
Tumbleweed Farms is the first of multiple purpose-built indoor facilities that GTEC is in the process of building in order to produce its ultra-premium flower. The Company’s initial planned cultivation footprint is expected to span a total of 120,000 square feet, across three Provinces, with the anticipation of reaching an estimated annual output of 14,000 kg of indoor flower by Q3 of 2019.
“We are extremely proud of the work that our operations team has put in over the duration of this process,” said Norton Singhavon, Founder, Chairman & CEO of GTEC. “Our team is excited to expand existing production of our ultra-premium indoor flower, with our unique and exotic genetics for the Canadian medical and adult-use markets.”
The Company is in the final stages of compiling its Video Evidence Package, with the expectation of its final submission into Health Canada by next week. Once Health Canada confirms that the requirements of the Cannabis Act and Regulations have been met, a Standard Cultivation license will be issued and the Company will immediately commence cultivation.
GTEC’s initial harvests from Alberta Craft Cannabis are currently available to registered medical patients, under its flagship medical brand GreenTec ™, exclusively at Namaste’s (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) CannMart (www.cannmart.com).
Tumbleweed Farms’ initial phase consists of 10,000 square feet for indoor cultivation, strategically located in Chase BC, about 8kms from the Trans-Canada Highway and situated just outside of the Kamloops city limits. The property sits on 23 acres of land with significant future expansion capabilities and access to an on-site gravity fed natural artesian well.
The Company announces that 200,000 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 $0.60 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 GTEC
GTEC Holdings is a specialized cannabis company dedicated to cultivating ultra-premium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and holds Cultivation, Extraction and Analytical testing licenses. The management team is comprised of a diverse skill set sourced from leading global food & beverage and premium alcohol companies. GTEC’s retail division is pursuing licensing for over 35 recreational cannabis stores across Western Canada. GTEC’s premium indoor cannabis will be marketed and sold under its flagship trademarked brands; BLK MKT ™, Tenzo ™, GreenTec ™, cognoscente ™, FN ™, and Treehugger ™. The Company is actively pursuing sales and distribution opportunities across all major business channels: medical, recreational, B2B and export. GTEC is a publicly traded corporation, listed on the TSX Venture Exchange and the OTCQB Venture Market. The Company is headquartered in Kelowna, British Columbia.
To view more about the company or to request our most recent corporate presentation, please visit our website at www.gtec.co
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