CoTec Holdings Corp. Announces Closing of Non-brokered Private Placement

Vancouver, BC / ACCESSWIRE / July 11, 2024 - CoTec Holdings Corp. (TSXV:CTH) has completed its non-brokered private placement of 5,500,000 common shares to Kings Chapel International Limited at $0.50 per share, raising $2,750,000.

Kings Chapel, an existing insider, is associated with Julian Treger, CoTec's CEO and director. Thus, the transaction qualifies as a related party deal under Multilateral Instrument 61-101, but received exemptions from formal valuation and minority shareholder approval requirements.

The proceeds will fund investment opportunities, working capital, and a $500,000 repayment of loans from Kings Chapel, pending approval from the TSX Venture Exchange. Canadian-issued securities will have a statutory hold period of four months plus a day.

Prior to the placement, Kings Chapel owned 40.4% of CoTec's outstanding shares. Post-placement, this increased to 44.96%. Julian Treger held 4.1% before and 3.79% after.

Details regarding this transaction will be available on CoTec's SEDAR+ profile.