​Invictus Advances $500,000 on Convertible Loan Facility

Spotlight News  |

INVICTUS MD STRATEGIES CORP.  (GENE:CA)  (IVITF) ()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.

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Companies

Symbol Name Price Change % Volume
GENE:CA Invictus MD Strategies Corp 0.99 -0.04 -3.88 330,916

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