GREY:IVITF - Post by User
Post by
chris579457on Aug 01, 2020 12:46pm
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Post# 31353870
sale has been confirmed
sale has been confirmed 16 hours ago by CNW Group
Invictus MD Strategies Corp. (NEX: GENE.H) (the "Company") announced that it has received both creditor and Court approval of the investment agreement for the sale of its wholly-owned subsidiary, Acreage Pharms Ltd. ("Acreage"), to Acreage Developments Corp. (the "Investor"), a privately-owned company that is unrelated to the Company and its directors and officers.
Invictus MD Strategies Corp. (NEX: GENE.H) (the "Company") announced that it has received both creditor and Court approval of the investment agreement for the sale of its wholly-owned subsidiary, Acreage Pharms Ltd. ("Acreage"), to Acreage Developments Corp. (the "Investor"), a privately-owned company that is unrelated to the Company and its directors and officers.
At a creditors' meeting held July 21, 2020, the creditors unanimously approved the transaction with the Investor and a plan of compromise and arrangement (the "Plan"). The Court subsequently approved the transaction and the Plan, as part of 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 continues to seek buyers for its remaining assets. There can be no assurance 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.