Invictus MD announces $20,000,000 Bought Deal
Private Placement of Units
VANCOUVER, BC -- May 08, 2017 -- InvestorsHub NewsWire
-- INVICTUS MD STRATEGIES CORP. ("Invictus MD" or the"Company")
(TSXV: IMH; OTC: IVITF; FRA: 8IS)
announces it has determined not to proceed with its previously
announced offering of convertible debentures as set forth in a news
release dated April 20, 2017 and instead will proceed with an
offering of units with the same underwriting syndicate.
Canaccord Genuity Corp. and Eventus Capital Corp., as co-lead
underwriters and joint-bookrunners, on behalf of a syndicate of
underwriters (collectively, the "Underwriters"),
have agreed to purchase, on a bought deal private placement basis,
subject to adjustment pursuant to the Underwriters' Option (as
hereinafter defined), 14,820,000 units of the Company (the
"Units"), at a price of $1.35 per Unit (the
"Offering Price") for aggregate gross proceeds of $20 million (the
"Offering"). Invictus MD's board of directors
determined that completing an equity financing on the terms of the
Offering aligns better with the Company's strategic objectives than
the previously announced convertible debenture financing.
Invictus MD has also granted the Underwriters an option (the
"Underwriters' Option") to purchase up to an additional 3,705,000
Units at the Offering Price, exercisable in whole or in part at any
time for a period of 48 hours prior to the closing of the Offering.
If the Underwriters' Option is exercised in full, the aggregate
gross proceeds of the Offering will be $25 million.
Each Unit will be comprised of one common share of the Company
and one half of one common share purchase warrant (each whole
common share purchase warrant, a "Warrant"). Each Warrant will be
exercisable to acquire one common share (a "Warrant Share") for a
period of 18 months following the closing date of the Offering at
an exercise price of $1.75 per Warrant Share. Net proceeds from the
Offering will be used for expansion plans for the Company's assets
and for general working capital purposes.
All securities issued or issuable under the Offering will be
subject to a statutory hold period lasting four months and one day
following the closing date.
Closing of the Offering is expected to occur on or about May 24,
2017 (the "Closing Date"). The Offering is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory and stock exchange approvals, including the
approval of the TSX Venture Exchange.
"The securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States or to,
or for the account or benefit of, U.S. persons absent registration
or an applicable exemption from the registration requirements. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any State in which such offer, solicitation or sale
would be unlawful."
About Invictus MD Strategies Corp.
Invictus MD Strategies Corp., Canadas Cannabis Company, is
focused on three main verticals within the burgeoning Canadian
cannabis sector: Licensed Producers under the ACMPR including
investment in the fully licensed facilities operated by AB
Laboratories Inc. and Acreage Pharms Ltd.; Fertilizer and Nutrients
through Future Harvest Development Ltd.; and Cannabis Data and
Delivery, with its wholly owned subsidiary Poda Technologies
Ltd.
For more information, please visit www.invictus-md.com.
On Behalf of the Board,
Dan Kriznic
Executive Chairman
Larry Heinzlmeir
Vice President, Marketing & Communications
604-537-8676
Cautionary Note Regarding Forward-Looking Statements: Statements
contained in this news release that are not historical facts are
"forward-looking information" or "forward-looking statements"
(collectively, "Forward-Looking Information") within the meaning of
applicable Canadian securities legislation and the United States
Private Securities Litigation Reform Act of 1995. Forward Looking
Information includes, but is not limited to, disclosure regarding
possible events, conditions or financial performance that is based
on assumptions about future economic conditions and courses of
action; and the plans for completion of the Offering, expected use
of proceeds and business objectives. In certain cases,
Forward-Looking Information can be identified by the use of words
and phrases such as "anticipates", "expects", "understanding", "has
agreed to" or variations of such words and phrases or statements
that certain actions, events or results "would", "occur" or "be
achieved". Although Invictus has attempted to identify important
factors that could affect Invictus and may cause actual actions,
events or results to differ materially from those described in
Forward-Looking Information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended, including, without limitation, the risks and
uncertainties related to the Offering not being completed in the
event that the conditions precedent thereto are not satisfied. In
making the forward-looking statements in this news release,
Invictus has applied several material assumptions, including the
assumptions that (1) the conditions precedent to completion of the
Offering will be fulfilled so as to permit the Offering to be
completed on or about June 1, 2017; (2) all necessary approvals
will be obtained in a timely manner and on acceptable terms; and
(3) general business and economic conditions will not change in a
materially adverse manner. There can be no assurance that
Forward-Looking Information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on Forward-Looking Information. Except as
required by law, Invictus does not assume any obligation to release
publicly any revisions to Forward-Looking Information contained in
this news release to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
Neither the 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 release.