CoTec Holdings Corp. Announces Closing of Non-brokered Private Placement
Summary
VANCOUVER, BC / ACCESSWIRE / July 11, 2024 / CoTec Holdings Corp. (TSXV:CTH) (the "Corporation") is pleased to announce that it has completed its previously announced non-brokered private placement of 5,500,000 common shares in the Corporation (each a "Common Share") to Kings Chapel International Limited ("Kings Chapel") at a price of $0.50 per Common Share for gross proceeds of $2,750,000 (the "Private Placement").Kings Chapel is an existing insider and Control Person (as defined by TSX Venture Exchange Rules) of the Corporation. Julian Treger, a director of the Corporation and its Chief Executive Officer, is a beneficiary of a family trust associated with Kings Chapel. If the transaction is accepted by the TSXV, the Corporation will proceed with the repayment of $500,000 of the outstanding Kings Chapel loans and the balance of the net proceeds of the Private Placement will be used for the purposes noted above.This press release is also being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an early warning report by Kings Chapel in respect of its ownership position in the Corporation.Kings Chapel purchased 5,500,000 Common Shares pursuant to the Private Placement. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES