Vancouver, British Columbia, July 03, 2019 (GLOBE NEWSWIRE) --
Vancouver, BC, July 3, 2019 – INVICTUS MD STRATEGIES CORP. (“Invictus” or the “Company”) (TSXV: GENE; OTCQX: IVITF; FRA: 8IS2) announces it has negotiated a non-brokered private placement consisting of 1,250,000 units at a price of $0.40 per unit to raise $500,000 (the "Private Placement"). Each unit will consist of one common share of the Company and a one-half common share purchase warrant, with each full warrant exercisable at $0.60 for 24 months from the date of closing of the Private Placement. Trevor Dixon, the Company’s President and Chief Executive Officer is the sole subscriber to the Private Placement. The proceeds of the Private Placement will primarily be used for general working capital purposes.
All common shares issued under the Private Placement will be subject to a four-month plus one day hold period in accordance with applicable Canadian securities laws. Closing of the Private Placement is subject to receipt of all necessary regulatory approvals, including those of the TSX Venture Exchange, and certain other customary closing conditions, including, but not limited to, execution of a subscription agreement between the Company and Mr. Dixon.
Mr. Dixon’s subscription is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities to be distributed in the Private Placement nor the consideration to be received for those securities exceeds 25% of the Company’s market capitalization.
On Behalf of the Board
Chief Executive Officer
Investor Relations 1-844-800-6086
Invictus is a global cannabis company with a focus on the Canadian cannabis space, offering a selection of products under a wide range of cannabinoid profiles that fit the demand of the Company’s medical clients and retail customers. The Company’s integrated sales approach is defined by five pillars of distribution including medical, adult-use, international, Licensed Producer to Licensed Producer and sales to provinces.
To meet growing demand, Invictus is expanding its cultivation footprint with three cannabis production facilities licensed under the Cannabis Act, which replaced the Access to Cannabis for Medical Purposes Regulations in Canada. Invictus’ wholly-owned subsidiary, Acreage Pharms Ltd.’s (“Acreage”) Phase I and Phase II facilities are in full production and Acreage is completing its Phase III cultivation facility. AB Laboratories Inc., a company which is a 50% owned subsidiary of Invictus continues its cultivation facility expansion. Invictus’ wholly owned subsidiary 0989561 B.C. Ltd. (dba Canandia Bioceuticals) Delta facility is a licensed producer and has received its sales license issued by Health Canada under the Cannabis Act. Another of Invictus’ wholly owned subsidiaries, 2015059 Alberta Ltd. (dba Leaf Wise), continues to connect medical clients to physicians for medical cannabis and to Invictus’ fully licensed cannabis producers under the Cannabis Act. Future Harvest Development Ltd., a company which is a 82.5% owned subsidiary of Invictus continues to produce high-quality fertilizer and nutrients which are supplied to licensed cannabis producers. Invictus is targeting up to 50 percent of production to medical cannabis. Invictus drives sustainable long-term shareholder value by continuing to develop Invictus’ Canadian production of medical and recreational cannabis products. For more information visit www.invictus-md.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.