HTC Extraction Systems (TSX.V: HTC), a hemp-biomass processing entity, today announced that it has closed its bought deal private placement resulting in gross proceeds of $10 million. In addition, the company reported the completion of its 19,000-square-foot facility that will house quality assurance testing and product development laboratories and extraction and formulation processing. The facility is presently undergoing the interior completion to qualify it as GMP Euro compliant and is anticipated to be one of the highest performing and top product quality extraction and refining facilities in Canada. HTC has also completed the construction of its 27,000-square-foot hemp biomass processing and storage facility. The company reported the purchase of extraction and formulation equipment anticipated to begin arriving in December 2019. The equipment is slated to be used for hemp biomass processing, extraction, formulation and refining at its facility located at Port Lajord. Additionally, the company reported that it is in late stage negotiations for the acquisition of a United States based, fully licensed, hemp processing, extraction, formulation and distribution operation. HTC is also in late stage negotiations for Identity Preserved Grown (“IPGrow(TM)”) hemp biomass tolling contracts with producers and providers in the United States for the 2020 hemp production growing year, including a 60,000-acre recognized Canadian farm leader who is a significant IPGrow(TM) hemp biomass producer. The company intends to enter a tolling contract with this producer for the 2019, 2020 and 2021 crop years. This contract is anticipated to represent production from a single producer of approximately 4,300 acres from the 2019 production crop year and up to 25,000 acres for the 2020 and 2021 production crop years. In addition, HTC intends to leverage its relationship with its related entity, Purely Canada Foods(TM), to provide sales and distribution for its Ingredient CBD and cannabinoid market under the brand of Purely Canada Hemp(TM), Purely Canada CBD(TM), Purely Canada CBG(TM), and Purely Canada Cannabinoids(TM).
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About HTC Extraction Systems
HTC Extraction Systems has developed and optimized proprietary technologies designed for biomass extraction, distillation and purification of ethanol and ethanol-based solvents used for the hemp-biomass and cannabidiol (“CBD”) industry, as well as gas and liquid extraction. HTC’s extraction and purification systems are engineered to large scale to reduce capital and operating costs while delivering superior performance measured by reduced energy usage, lowered emissions and improved quality of the product produced. For more information, visit the company’s website at www.HTCExtraction.com.
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