Sept 2017 18 Million shares Nov 2017 18 million more etc From Gtec website
And Many More Not 11 million shares
Kelowna, BC November 23rd, 2017 – GreenTec Holdings Ltd (“GTEC” or the “Company”) is pleased to announce that it has entered into an exclusive binding letter of intent (“LOI”) to acquire 100% of the issued and outstanding shares of an existing Health Canada Licensed Producer (“Project CraftCo” or “PCC”) under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”), which has received its Cultivation License from the Office of Medical Cannabis in 2017. For a total aggregate transaction value of $16,000,000 as further described herein.
PCC has a fully built out and operational ready 14,000 square foot facility capable of producing 1300kg of cannabis annually with expansion capabilities at the current location. Immediately upon closing the transaction, GTEC intends to submit for a Secondary Site application on the 7,000,000 square feet of bare land in Okanagan, British Columbia, which was acquired by GTEC earlier this year.
Concurrent Private Placement
The Company also announces a concurrent private placement of units at a price of $0.60 per unit to raise gross proceeds of CAD $8,000,000 (the “Offering”). Each unit will consist of one common share and one-half of a common share purchase warrant with each whole warrant exercisable to purchase an additional share at $1.20 for 36 months. The letter of intent provides for the vendor’s participation in the Offering of up to CAD $3,000,000. Finder’s fees in connection with the Offering will consist 6% cash and 6% finder’s warrants, payable to eligible finders. It is anticipated that the proceeds from the Offering will be used for acquisition costs, construction costs, and general working capital for the Company.
Transaction Terms
The terms of the transaction are to acquire 100% of PCC based on the terms as follows: (i) cash payment of $6 million CDN to the vendors; (ii) issuing to the vendors 18,000,847 common shares of GTEC at an implied value of $0.4722 equal to $8,500,000; and (iii) Upon receiving a Sales License, issuing to the vendors a number of common shares of GTEC as is equal to CAD $1,500,000, based on the volume weighted average trading price of GTEC (3) days prior a Sales License being granted by Health Canada.
Kelowna, BC September 8th, 2017 – GreenTec Holdings Ltd (“GTEC” or the “Company”) is pleased to announce it has completed tranche one of its $4.7 million private placement (the “Offering”). Tranche one of the Offering consisted of the sale of 18,064,375 units (the “Units”) at a price of $0.20 per Unit for aggregate gross proceeds of $3,612,875.00. Each Unit was comprised of one common share (“Common Share”) and one-half of common share purchase warrant (“Warrant”). Each whole Warrant shall entitle the holder thereof to subscribe for one Common Share at a price of $1.20 per Common Share for a period of 36 months following the closing date of the Offering. In addition to any statutory hold periods prescribed by applicable securities laws, 90% of the Common Shares issued pursuant to the Offering shall also be subject to a contractual six-month hold period upon the shares of GTEC being listed on an approved stock exchange in Canada.
Proceeds from the Offering will be used for initial construction ground breaking costs, public listing costs and general working capital for the Company