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VANCOUVER, Oct. 23, 2018 /CNW/ - INVICTUS MD STRATEGIES
CORP. ("Invictus" or the "Company") (TSXV: GENE; OTCQX: IVITF; FRA:
8IS1) is pleased to announce that pursuant to the Loan
Agreement with GTEC Holdings Ltd. (TSXV: GTEC; OTC: GGTTF) ("GTEC")
dated October 16, 2018, as announced
on October 19, 2018, it has completed
the advance of $2,000,000 of
convertible debt (the "Convertible Debt"), evidenced by way of a
Convertible Grid Promissory Note (the "Promissory Note"). The
proceeds from the Convertible Debt will be used by GTEC to further
execute GTEC's cannabis retail expansion strategy in Canada.
The terms of the Promissory Note remain unchanged from the terms
disclosed in the Company's press releases dated August 30, 2018 and October 19, 2018, and are as follows:
- the Convertible Debt shall bear interest computed in the
outstanding balance at the rate of 8% per annum, calculated and
paid in arrears on the first day of each calendar month;
- GTEC shall repay the Convertible Debt on or prior to the date
which is 24 months following the date of advance ("Maturity
Date");
- subject to the approval of the TSX Venture Exchange, Invictus
may convert the Convertible Debt into common shares in the capital
of GTEC ("Common Shares") at a price of $1.50 per Common Share, at any time prior to the
last business day immediately preceding the Maturity Date; and
- upon mutual agreement of both parties prior to the Maturity
Date, Invictus may increase the amount of the convertible loan
facility up to $6,000,000.
The Promissory Note and any Common Shares issued upon conversion
of the Promissory Note will be subject to a four month hold period
from the date of issuance of the Promissory Note in accordance with
applicable Canadian securities laws.
Invictus has also granted 300,000 incentive stock options to
certain eligible persons of the Company. Each stock option has an
exercise price of $2.00, the
equivalent price paid per Unit in connection with the Company's
recent short form prospectus (see press release dated October 19, 2018, for more details), and is
exercisable into one common share of the Company. The options vest
in tranches over the next twelve months and are exercisable over a
period of five years. The stock options were granted subject to the
terms and conditions of the Company's Stock Option Plan.
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. To meet growing demand, 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
up to 1 million by end of 2020. To accommodate international sales,
Invictus' wholly-owned subsidiary, Acreage Pharms Ltd. ("Acreage
Pharms"), has designed and is currently building its Phase 3 and 4
purpose-built cultivation facilities to be European Union Good
Manufacturing Practices ("EU-GMP") compliant. The Company will
earmark up to 50 per cent of production to the medical. 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, adult-use, international, Licensed Producer to
Licensed Producer and retail stores. For more information visit
www.invictus-md.com.
About GTEC
GTEC was founded in 2017 to capitalize on opportunities in the
nascent and rapidly growing legal cannabis industry. GTEC is a
public corporation listed on the TSX Venture Exchange and based in
Kelowna, British Columbia. GTEC is
focused on growing premium quality craft cannabis in purpose-built
indoor facilities. GTEC currently holds a 100% interest in GreenTec
Bio-Pharmaceuticals Corp., Grey Bruce Farms Inc., Zenalytic
Laboratories Ltd., Alberta Craft Cannabis Inc. and Tumbleweed Farms
Corp. To view more about the company or to request our most recent
corporate presentation, please visit our website
at www.gtec.co.
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 the timing,
approval and completion of the Loan Facility and related matters
and the potential production capacity of Invictus, 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 Invictus will be successful
in reaching its potential production capacity, its production
facilities will be completed as anticipated, regulatory approval
will be granted as anticipated, Invictus will reach full production
capacity on the timeline anticipated by the Company, and 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, the Company will not obtain the requisite
approvals to complete the Loan Facility, Invictus will not be
successful in reaching its potential production capacity, its
production facilities will not be completed as anticipated, and
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.
SOURCE Invictus MD Strategies