Norton Singhavon Announces Filing of Early Warning Report Regarding GTEC Holdings Ltd.

KELOWNA, BC, March 30, 2021 /CNW/ - Norton Singhavon today announced that he has filed an early warning report under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues for the purpose of reporting that Mr. Singhavon's securityholding percentage of the total outstanding common shares (the "Shares") of GTEC Holdings Ltd. (the "Company") decreased to less than 10% pursuant to certain issuances of Shares from treasury by the Company.

On March 30, 2021, the Company completed a bought deal offering (the "Offering") of 28,750,000 units (each, a "Unit"). Each Unit consisted of one Share and one Share purchase warrant (each, a "Warrant"). As a result of the Offering, Mr. Singhavon's ownership in the Company decreased to less than 10%.

Immediately prior to the Offering, Mr. Singhavon beneficially owned, and exercised control or direction over 15,679,121 Shares and 555,499 Warrants, representing approximately 10% of the issued and outstanding Shares on a partially-diluted basis.

Completion of the Offering resulted in Mr. Singhavon's beneficial ownership in the Shares decreasing to less than 10% of the issued and outstanding Shares on a partially-diluted basis, which was the subject of the most recent report required to be filed by Medalist in respect of the Issuer under National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Immediately following the Offering, Mr. Singhavon continued to beneficially own, and exercise control or direction over 15,679,121 Shares and 555,499 Warrants, representing approximately 8% of the issued and outstanding Shares on a partially-diluted basis, resulting in a decrease by approximately 1.5% on a partially diluted basis.

A copy of the early warning report filed by Mr. Singhavon is available under the Company's profile on SEDAR at www.sedar.com, or by contacting Norton Singhavon at 1–800–351–6358. The Company's head office is located at 1632 Dickson Avenue, Suite 335, Kelowna, British Columbia, V1Y 7T2.

SOURCE Norton Singhavon