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Canadian cannabis company GTEC upsizes units offering to raise up to C$10M

GTEC Holdings Ltd. upsized its private placement of units to raise up to C$10 million in gross proceeds.

The Kelowna, British Columbia-based cannabis company plans to issue up to 18,181,818 units. In total, the company intends to issue up to 22,727,270 units, including any exercise of the placement agent's option, at 55 Canadian cents per unit.

Each unit will consist of one common share and a 0.5 common stock warrant. Each whole warrant can be used to buy a common share at 90 cents each.

The offering, which is being led by Sprott Capital Partners LP, has the option to buy additional units worth up to C$2.5 million.

GTEC has already raised about C$6.1 million by issuing 11,126,753 units at the first tranche's closing.

The net proceeds will be used for general corporate and working capital purposes.

The closing of the second tranche of the offering is expected on or around March 19, subject to certain regulatory approvals, including approval of the TSX Venture Exchange.