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GTEC Holdings Completes Draw Down on $2 Million Convertible Loan Facility
GTEC Holdings Completes Draw Down on $2 Million Convertible Loan Facility Canada N...
About this update from Avant Brands Inc
[{"type":"text","content":"\n\n\n\nGTEC Holdings Completes Draw Down on $2 Million Convertible Loan Facility\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, Oct. 23, 2018\n\n\n\nKELOWNA, 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.\n\n \n \n\n \nThe 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:\nthe 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.\nThe Company announces that 100,000 incentive stock options have been granted to Jeremy Wright, the Chief Financial Officer of the Company. The ...