​Invictus Completes Advance on $2 Million 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 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.

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Companies

Symbol Name Price Change % Volume
IVITF Invictus MD Strategies Corp 0.92 -0.07 -7.47 156,165
GENE:CA Invictus MD Strategies Corp 1.22 -0.09 -6.87 184,431

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