Friday, March 6, 2015

Invictus MD (C.IMH) closes non-brokered private placement offering of $770,000

Invictus MD acquires 20% of Future Harvest

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
Invictus 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 success."

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.
Private placement

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.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.