VANCOUVER, Dec. 3, 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 17, 2018, as amended on
October 19, 2018 and on November 21, 2018 (the "Agreement"), as announced
on November 16, 2018, it has
completed the draw-down of $500,000
of convertible debt. Pursuant to the Agreement, the Company has
drawn down the aggregate of $2.5
million convertible debt (the "Convertible Debt"), evidenced
by way of a Convertible Grid Promissory Note (the "Promissory
Note"). The Company intends to use the proceeds to further execute
its cannabis retail expansion strategy in Canada in connection with the non-binding
letter of intent between Invictus and GTEC announced on
November 16, 2018.
The terms of the Promissory Note are as follows:
- the Convertible Debt shall bear interest at the rate of 8% per
annum, calculated and paid in arrears;
- GTEC shall repay the Convertible Debt on or prior to
October 19, 2020 (the "Maturity
Date");
- Invictus may convert the Convertible Debt, in whole or in part,
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, subject to approval of the TSX Venture Exchange;
and
- the convertible loan facility may be increased up to
$6 million at any time prior to the
Maturity Date, upon mutual agreement of both parties.
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.
For more information, please visit www.invictus-md.com.
On Behalf of the Board,
George E. Kveton
Chief Executive Officer and Director
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 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 three cannabis production facilities
licensed under the Cannabis Act and Cannabis Regulations in
Canada. To accommodate
international sales, Invictus' wholly-owned subsidiary, Acreage
Pharms Ltd. ("Acreage Pharms"), has designed and is currently
building its Phase 3 purpose-built cultivation facility to be
European Union Good Manufacturing Practices ("EU-GMP") compliant.
The Company is targeting up to 50 per cent of production to medical
cannabis. 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.
This news release includes certain "forward-looking
statements" under applicable Canadian securities legislation.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; delay or failure to receive board,
shareholder or regulatory approvals, where applicable and the state
of the capital markets. 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. Investors are cautioned that, except as
disclosed in the Filing Statement any information released or
received may not be accurate or complete and should not be relied
upon. Trading in the securities of the Company should be considered
highly speculative. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
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.
The securities of the Company have not been and will not
be registered under the United States Securities Act of 1933, as
amended and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirement. 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 jurisdiction in which such offer, solicitation or sale would be
unlawful.
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SOURCE Invictus MD Strategies