The TSX Venture Exchange has accepted for filing Black Birch Acquisition III Corp.'s qualifying transaction described in its filing statement dated May 29, 2018. As a result, effective at the opening on Friday, June 22, 2018, the trading symbol for the company will change from BBC.H to GTEC, and the company will no longer be considered a capital pool company and will be listed as a Tier 2 industrial issuer on the TSX Venture Exchange.
Pursuant to an amalgamation agreement dated March 12, 2018, as amended on May 7, 2018, Black Birch issued 84,560,646 postconsolidated shares to the GreenTec Holdings Ltd. shareholders on a 1:1 basis, including the private placement shares described below.
GreenTec Holdings Ltd. (TSX-V: GTEC) is a Canadian licensed marijuana company based in Kelowna, B.C.
For additional information, refer to the filing statement dated May 29, 2018, available under the company's profile on SEDAR and the company's news release dated June 12, 2018.
In connection with the qualifying transaction, GreenTec completed a brokered private placement by issuing 5,925,920 subscription receipts at $1.50 per subscription receipt for gross proceeds of $8,880,880, including the agent's 15-per-cent overallotment option. Each subscription receipt converts into units on the closing of the qualifying transaction. Each unit consists of one share of GreenTec and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $2.50 per share until June 11, 2020. Pursuant to the qualifying transaction, the common shares and warrants were exchanged for postconsolidation shares and warrants of Black Birch (GTEC Holdings Ltd. after the name change).
The agent's fee consisted of 6 per cent in cash and 6 per cent broker warrants, and the agent received a $25,000 corporate finance fee.
In accordance with Policy 2.5, Black Birch (GTEC Holdings following the name change) has met the requirements for a Tier 2 company. Therefore, effective at the opening on Friday, June 22, 2018, Black Birch's tier classification will change from the NEX to Tier 2.
Effective at the opening on Friday, June 22, 2018, trading in the shares of Black Birch (GTEC Holdings following the name change) will resume.
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