INVICTUS ANNOUNCES $20 MILLION EQUITY
FINANCING
Vancouver, BC, Canada -- September 26, 2018 -- InvestorsHub
NewsWire -- INVICTUS MD STRATEGIES CORP. ("Invictus" or the
"Company") (TSXV:
GENE;
OTCQX: IVITF; FRA: 8IS1) announces that it has entered
into an agreement with PI Financial Corp. and GMP Securities L.P.
as co-lead underwriters on behalf of a syndicate of underwriters
(the "Underwriters"), pursuant to which the Underwriters have
agreed to purchase, on a bought deal basis pursuant to a short form
prospectus, 10,000,000 units (the "Units") of the Company at a
price of C$2.00 per Unit (the "Offering Price") for gross proceeds
of C$20,000,000 (the "Underwritten Offering"). In connection with
the Offering, Eventus Capital Corp. has been
appointed as a special advisor to the Company.
Each Unit shall
consist of one common share of the Company and one-half of one
transferable common share purchase warrant (each whole common share
purchase warrant, a "Warrant"). Each Warrant shall be exercisable
to acquire one common share of the Company for a period of 24
months from the Closing Date (as defined below) at an exercise
price of C$2.40.
In addition, the
Company has granted the Underwriters an option (the "Over-Allotment
Option" and together with the Underwritten Offering, the
"Offering") to purchase additional Units, up to such number of
additional Units as is equal to 15% of the Underwritten Offering,
for a period of 30 days after and including the Closing Date to
cover over-allotments, if any, and for market stabilization
purposes.
A cash commission
of 7.0% of the gross proceeds of the Offering shall be paid to the
Underwriters on the closing of the Underwritten Offering and the
closing of any Over-Allotment Option.
The Company intends
to use the net proceeds of the Offering for capital expenditures
for expansion, acquisitions, working capital and for general
corporate purposes.
Closing of the
Offering is anticipated to occur on or around October 19, 2018 (the
"Closing Date") and is subject to certain conditions including, but
not limited to the receipt of all applicable regulatory approvals
including approval of the TSX Venture Exchange.
As previously
disclosed, Invictus will be seeking shareholder approval of the
proposed spin-out transaction involving Invictus'
subsidiary, Poda Technologies Inc.
("Poda"), previously announced on
August 21, 2018 by way of a plan of arrangement (the "Arrangement")
at the annual general and special meeting of shareholders scheduled
to be held on October 18, 2018. The court hearing in respect of the
final order to approve the Arrangement is scheduled to take place
on October 23, 2018. Subject to receipt of all requisite
shareholder, regulatory and court approvals and satisfaction of all
conditions precedent thereto, the effective date for the exchange
and distribution of the common shares of Poda will be announced.
Shareholders of
record as at the effective date of the Arrangement will receive
notice from the depositary with instructions on how to obtain the
shares they are entitled to receive under the
Arrangement.
This news release
does not constitute an offer to sell or a solicitation of an offer
to sell any of securities in the United States. The securities have
not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within the
United States or to or for the account or benefit of U.S. Persons
unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is
available.
For more
information, please visit www.invictus-md.com.
On Behalf of the
Board,
Dan
Kriznic
Chairman and
CEO
Jessica
Martin
Vice President,
Public Relations and Regulatory Affairs
(833)
879-4363
About Invictus
Invictus is a
global cannabis company offering a selection of products under a
wide range of lifestyle brands. Our integrated sales approach is
defined by five pillars of distribution including medical,
adult-use, international, Licensed Producer to Licensed Producer
and retail stores.
Invictus has
partnered with business leaders to convey our corporate vision,
including KISS music legend and business mogul Gene Simmons as our
Chief Evangelist Officer, and global branding agency Authentic
Brands Group. Invictus is expanding its cultivation footprint, with
two cannabis production facilities fully licensed under ACMPR in
Canada and a third awaiting approval, featuring 100,000 square feet
of available grow space today with 200,000 expected by January 2019
and 1 million by end of 2019. The Company will earmark 50 per cent
of production to the medical and recreational markets,
respectively. To ensure consistency in quality and supply, Invictus
maintains all aspects of the growing process through its
subsidiary, Future Harvest Development Ltd., a high-quality
Fertilizer and Nutrients manufacturer. Invictus drives sustainable
long-term shareholder value through a diversified product portfolio
with over 69 Health Canada approved strains and a multifaceted
distribution strategy including medical, recreational,
international and retail. For more information visit
www.invictus-md.com.
Cautionary Note Regarding Forward-Looking Statements: This
release includes certain statements and information that may
constitute forward-looking information within the meaning of
applicable Canadian securities laws or forward-looking statements
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. 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 information
concerning the Offering and the anticipated closing date and use of
proceeds thereof, are forward-looking statements and contain
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".
Forward-looking statements are based on certain material
assumptions and analysis made by the Company and the opinions and
estimates of management as of the date of this press
release, including that regulatory approval of the Offering will be
obtained in a timely manner; that the agreement with the
Underwriters will not be terminated in accordance with its terms;
that the Company will be able to raise additional capital; that
Invictus will be successful in reaching its potential production
capacity; that its production facilities will be completed as
anticipated; that regulatory approval will be granted as
anticipated; that Invictus will reach full production capacity on
the timeline anticipated by the Company; and that no unforeseen
construction delays will be experienced. 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.
Important factors that may cause actual results to vary, include,
without limitation, risks that the Company will not obtain the
requisite approvals or otherwise satisfy the necessary conditions
precedent to complete the Offering; that Invictus will not be
successful in reaching its potential production capacity; that its
production facilities will not be completed as anticipated; and
that licenses or approvals being granted on terms or timelines that
are materially worse than expected by the Company. Although
management of the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements or forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. 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 other purposes. The Company
does not undertake to update any forward-looking statement,
forward-looking information or financial out-look that are
incorporated by reference herein, except in accordance with
applicable securities laws.
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.
Invictus MD Strategies (TSXV:GENE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Invictus MD Strategies (TSXV:GENE)
Historical Stock Chart
From Apr 2023 to Apr 2024