On March 30, 2021, GTEC Holdings Ltd. completed a bought deal public offering of 28,750,000 units at a price of $0.80 per unit for aggregate gross proceeds of $23 million, which includes the full exercise of the over-allotment option. The offering was co-led by Desjardins Capital Markets and Eight Capital.
Each unit consists of one common share of GTEC and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $1.04 until March 30, 2024, provided that GTEC may accelerate the expiry date if the daily volume weighted average trading price of the common shares on the TSX Venture Exchange is equal to, or greater than, $2.00 for any 10 consecutive trading days.
Cassels acted for GTEC.