Invictus MD (CSE:IMH, OTC:IVITF) Acquires 150 acres to Increase Production

Invictus MD (CSE:IMH, OTC:IVITF) Acquires 150 acres to Increase Production
Invictus MD (CSE:IMH, OTC:IVITF) Acquires 150 acres to Increase Production
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Invictus MD Strategies Corp. (CSE:IMH, OTC:IVITF) is pleased to announce that on February 6, 2017 it had entered into a binding letter of intent for an option to acquire 100% of the outstanding shares of a Late Stage Applicant (the “OptionCo”) under the ACMPR from its current shareholders.

In early January 2017, OptionCo had its Pre-license inspection from Health Canada and expects to receive a license to cultivate under the ACMPR in short order. Assuming OptionCo receives the requisite regulatory approval to cultivate, OptionCo has future expansion plans on the 150 acre Property to establish itself as a leader in the Canadian cannabis industry.

The Option will be exercisable at the sole option of Invictus MD within 30 days after OptionCo receives its license to cultivate under the ACMPR. The exercise price of the Option will be payable as follows:
(i) cash payment of $4 million CDN to the Vendors;
(ii) issuing to the Vendors within 10 business days of exercising the Option, 21 million common shares of Invictus MD; and
(iii) issuing to the Vendors 3 million warrants with an exercise price of $1.50 per warrant, of which: 1 million warrants will expire in 6 months following the date the Option is exercised; 1 million warrants will expire in 12 months following the date the Option is exercised, and 1 million warrants will expire in 18 months following the date the Option is exercised.

Subject to completion of satisfactory due diligence, Invictus MD intends to enter into a definitive option agreement on or before February 24, 2017.

 

For the full story go to CFN


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