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GTEC Holdings Announces Strategic Merger with Invictus Forming Western Canada's Largest Indoor Vertically Integrated Cannabis Company
GTEC Holdings Announces Strategic Merger with Invictus Forming Western Canada's Largest In...
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[{"type":"text","content":"\n\n\n\nGTEC Holdings Announces Strategic Merger with Invictus Forming Western Canada's Largest Indoor Vertically Integrated Cannabis Company\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nKELOWNA, BC, Nov. 16, 2018\n\n\n\nKELOWNA, BC, Nov. 16, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV: GTEC) (OTC: GGTTF) (\"GTEC\" or the \"Company\") is pleased to announce that it has entered into a non-binding Letter of Intent (the \"Agreement\") with Invictus MD Strategies (TSXV:GENE; OTC:IVITF; FRA:8IS1) (\"Invictus\") for the acquisition by Invictus of all of the issued and outstanding shares in the capital of GTEC in an all-share transaction valued at approximately $100 million (the \"Transaction\"), forming Western Canada's largest indoor vertically integrated cannabis company.\n\n \n \n\n \nUnder the terms of the proposed Transaction, holders of GTEC common shares will receive approximately 40% of the issued and outstanding shares of Invictus post closing. Concurrently with the closing of the Transaction, the holders of options and warrants in the capital of GTEC will receive a proportionate number of options and warrants of Invictus. \nAssuming completion of the Transaction, the issuance of Invictus shares to the current GTEC shareholders represents an approximate 25% premium to the 30-day volume weighted average trading price of the common shares of both GTEC and Invictus on the TSX Venture Exchange (\"TSXV\") as of November 15, 2018.\nThe combined entities would provide a robust vertically integrated cannabis company, focused on producing premium flower and a complementary product portfolio, and cultivated in purpose-built indoor facilities complemented with superior genetics. The Transaction would produce the following assets:\n400,000 square feet of funded purpose-built indoor cultivation which spans across British Columbia, Alberta and Ontario; a robust and diverse range of products and brands, complemented with a genetic portfolio of over 80 strains; an EU-GMP certified facility to meet the rigorous requirements of the European Union markets; 30+ retai...