VANCOUVER, BC, Jan. 26, 2021 /CNW/ - Invictus MD Strategies
Corp. (NEX: GENE.H) (the "Company")
announced today, further to the Company's news release of
December 16, 2020, that the Company
has completed the issuance of 1,121,248,467 Invictus common shares
(the "Subscribed Shares"). The Subscribed Shares are
equal to 90% of Invictus' issued share capital on completion of the
transaction, resulting in existing shareholders retaining an
aggregate 10% interest in the Company. The subscription proceeds
will be used to repay existing secured creditors of the Company, to
pay costs associated with the CCAA proceedings involving the
Company and its subsidiaries and to fund a plan of compromise and
arrangement with the unsecured creditors of the Company. None
of the subscription proceeds will be made available to existing
shareholders of the Company.
The subscriber of the Subscribed Shares is Invictus Strategic
Investment Inc., a privately-owned company that is unrelated to the
Company and its directors and officers.
Concurrent with the completion of the transaction and the
issuance of the Subscribed Shares, Colin
Kinsley and Brenda Mae Dixon
have resigned as directors and Greg
Macdonald and Gurmeet Gupta
have been appointed as the new directors of the Company. In
addition, Pam Boparai has ceased to
be the Chief Restructuring Officer.
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.
Caution Regarding Forward Looking Information
This release includes certain statements and information that
may constitute forward-looking information within the meaning of
applicable Canadian securities laws. All statements in this news
release, other than statements of historical facts, including
statements regarding future estimates, plans, objectives, timing,
assumptions or expectations of future performance, including the
use of the subscription proceeds and the lack of any anticipated
recovery for common shareholders, are forward-looking statements
and contains forward-looking information. Generally,
forward-looking statements and information can be identified by the
use of forward-looking terminology such as "intends" or
"anticipates", or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"should", "would" or "occur". These forward-looking statements are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of the Company to be materially different from
those expressed or implied by such forward looking statements or
forward-looking information. There can be no assurance that such
statements 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 statements and forward-looking information. Readers
are cautioned that reliance on such information may not be
appropriate for their purposes.
SOURCE Invictus MD Strategies