Vancouver, British Columbia, July 03, 2019 (GLOBE NEWSWIRE) --
Vancouver, BC, July 3, 2019 – INVICTUS MD STRATEGIES CORP. (“Invictus” or the “Company”) (TSXV: GENE; OTCQX: IVITF; FRA: 8IS2) announces it has negotiated a non-brokered private placement consisting of 1,250,000 units at a price of $0.40 per unit to raise $500,000 (the "Private Placement"). Each unit will consist of one common share of the Company and a one-half common share purchase warrant, with each full warrant exercisable at $0.60 for 24 months from the date of closing of the Private Placement. Trevor Dixon, the Company’s President and Chief Executive Officer is the sole subscriber to the Private Placement. The proceeds of the Private Placement will primarily be used for general working capital purposes.
All common shares issued under the Private Placement will be subject to a four-month plus one day hold period in accordance with applicable Canadian securities laws. Closing of the Private Placement is subject to receipt of all necessary regulatory approvals, including those of the TSX Venture Exchange, and certain other customary closing conditions, including, but not limited to, execution of a subscription agreement between the Company and Mr. Dixon.
Mr. Dixon’s subscription is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities to be distributed in the Private Placement nor the consideration to be received for those securities exceeds 25% of the Company’s market capitalization.
On Behalf of the Board
Trevor Dixon
Chief Executive Officer