VANCOUVER, BC, June 22, 2020 /CNW/ - Invictus MD Strategies
Corp. (NEX: GENE.H) (the "Company")
announced today that it has entered into an investment agreement
for the sale of its wholly-owned subsidiary, Acreage Pharms Ltd.
("Acreage"). The purchaser is Acreage Developments
Corp. (the "Investor"), a privately-owned company that is
unrelated to the Company and its directors and officers.
Completion of the sale is subject to condition precedents
including Court approval of the transaction and a plan of
compromise and arrangement (the "Plan") being approved by
the creditors of Acreage and the Court in the CCAA proceedings
currently underway involving the Company and its
subsidiaries. As part of the transaction and Plan, all
existing shares of Acreage will be cancelled and new shares issued
to the Investor. As a consequence, the Investor will be the sole
shareholder of Acreage, and it is not anticipated that the sale
will result in any recovery for creditors or the common
shareholders of the Company. Recoveries will be limited to the
creditors of Acreage.
The Company anticipates that it will shortly file a motion for a
court order to present the Plan to the creditors of Acreage and
subject to receiving certain approvals, plans to seek a sanction
order from the Court approving the implementation of Plan.
Details of the sales process that was undertaken will be available
The Company continues to seek buyers for its remaining assets
and is in discussions with parties regarding a potential
transaction. There can be no assurance that the transaction
with the Investor will be completed, that the creditors or the
Court will approval the Plan or that any transaction involving the
remaining assets of the Company will eventuate.
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 is a global cannabis company with a focus on the
Canadian cannabis space, offering a selection of products under a
wide range of cannabinoid profiles that fit the demand of the
Company's medical clients and retail customers.
For more information visit www.invictus-md.com.
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
potential completion of the sale of Acreage to the Purchaser, the
possibility of transactions involving the other assets of the
Company and the lack of any anticipated recovery for common
shareholders or unsecured creditors, 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