Tickers: XCNQ:IMH, PINX:IVITF
Tags: Medicinal Marijuana
Vancouver, BC / TheNewswire / November 22, 2016 - INVICTUS MD STRATEGIES CORP. ("Invictus MD" or the "Company") (CSE: IMH; OTC: IVITF; FRA: 8IS) is pleased to announce that it has closed an option agreement (the "Option") to acquire up to 60% in a State of Nevada ("SNV") Medical Marijuana Cultivation License located in Las Vegas, Nevada (the "Seller").
The terms of the Option allow Invictus MD to acquire 10% of the Seller within 45 days after the Seller has obtained its final approval for cultivation from the SNV inspection department. Invictus MD will pay the Seller $150,000 CDN in cash to secure the Option. A preliminary inspection date has been booked for late 2016 and the final cultivation license is expected to be issued in the first quarter of 2017. Upon issuance of the cultivation license, Invictus MD will have the option to acquire a 10% equity stake from the Seller ("First Option") for $500,000 USD in cash plus $1,725,000 USD in common shares of Invictus MD at an issue price equal to the volume weighted average price ("VWAP") for the three trading days ending on the trading day prior to the date of delivery of the option exercise notice and converted to USD using the most recent Bank of Canada noon spot rate. The Seller also grants Invictus MD the sole and exclusive option to purchase an additional 50% of the Seller for $16,875,000 USD payable in any combination of cash and/or common shares of Invictus MD. This option will expire 183 days after the closing of the First Option.
Dan Kriznic, CEO of Invictus MD, commented, "The City of Las Vegas has always been on our radar. It is one of the few states that permits reciprocity of licenses, allowing anyone in the world holding a medical marijuana prescription card to purchase cannabis. Las Vegas is the number one tourist destination in the U.S. This market has tremendous potential with one of the toughest barriers to entry."
About Invictus MD Strategies Corp.
Invictus MD targets companies with proven brands, strong customer focus, and significant growth potential. We provide not only capital to meet these objectives but also years of management experience from a team that has been successful in all facets of business, from establishing start-ups to running large international organizations. The fundamental core of our operations centres on the vast opportunities within fragmented industries.
Invictus MD works in partnership with management teams to increase shareholder value through business planning and process integration, developing and executing growth strategies, leveraging our experience and relationships, and structuring and deploying the proper capital to support long-term growth. Our prudent approach to both investing in and developing successful companies ensures successful execution of the business plan in both times of economic expansion and contraction.
For more information, please visit www.invictus-md.com.
On Behalf of the Board,
Dan Kriznic
Chairman & CEO
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, including the timing and completion of the proposed spin-out of Future Harvest, are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including the assumptions that the proposed spin-out of Future Harvest will occur as anticipated, that the Company will obtain all requisite approvals of the spin-out transaction, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, the risk that the proposed spin-out may not occur as planned; the timing and receipt requisite approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbour.
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