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
Imran Haider, Chief Executive Officer, Phone: +1 (416) 388-9701
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