2015-03-06 08:34 ET - News Release
Mr. Dan Kriznic reports
INVICTUS ANNOUNCES CLOSING OF INITIAL ACQUISITION OF SHARES OF FUTURE HARVEST DEVELOPMENT LTD. AND CLOSING OF PRIVATE PLACEMENT
MD Strategies Corp. has closed its initial purchase of 20 per cent of
the shares of Future Harvest Development Ltd. on the terms announced on
March 4, 2015.
Dan Kriznic, chief executive officer of the company, commented: "We are
excited to include Future Harvest as part of the Invictus MD team.
Future Harvest has been an industry leader for over 20 years with 15
employees that have a combined industry experience of over 100 years.
This acquisition adds to our portfolio of companies and provides
synergies amongst them. We continue to seek opportunities within the
hydroponic manufacturing and distribution space and gain market share
both locally and globally. I am extremely proud of the team at Invictus
MD for their continued support and look forward to our continued
The company has the right to acquire up to a total of 75 per cent of the
shares of Future Harvest over a period of eight months. Please refer to
the company's March 4, 2015, news release for a description of the
terms of the transaction. The company has agreed to pay a finder's fee
of $15,000 and up to 215,000 common shares, of which 40,850 common
shares will be issued in connection with the purchase of Future Harvest
shares completed on March 5, 2015.
The company also announces the closing of the non-brokered private
placement announced on March 4, 2015. The company issued 5,133,333
common shares at a price of 15 cents for gross proceeds of $770,000. The
shares issued are subject to a four-month hold that expires on July 6,
2015. Dan Kriznic, president and CEO of the company, acquired securities in
the offering. Mr. Kriznic's participation is considered to be a related
party transaction as defined under Multilateral Instrument 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
any shares issued to or the consideration paid by such persons exceeded
25 per cent of the company's market capitalization. The company will also be issuing 50,000 common shares to a consultant in
connection with corporate advisory services completed, which will be
subject to a four-month hold from the date of issue.