iAnthus Files Lawsuit Against Lender Oasis Investments

iAnthus Capital Holdings (CSE: IAN) has filed a lawsuit in the Ontario Superior Court of Justice against a current lender, Oasis Investments II Master Fund Ltd, as a result of the lender allegedly interfering with fund raising efforts being conducted by iAnthus.

Oasis originally invested US$25 million into iAnthus back in March 2019, via an unsecured convertible debenture. In the time since closing, Oasis has allegedly repeatedly “agitated” iAnthus with unfounded allegations and self interest proposals as a means of bettering their investment within the company. Oasis has attempted to renegotiate the currently outstanding convertible debentures multiple times according to this mornings press release, alleging debt covenants have been breached and an event of default has occurred.

iAnthus believes that these claims are unfounded and vehemently disagrees with the claims that Oasis is making. Regardless, the claims have interfered with iAnthus attempts to conduct financings as well as the company’s business. The company as a result has engaged in a lawsuit to protect its stakeholders and shareholders.

After good faith efforts led by iAnthus’ management, it is highly regrettable that we have been forced to take this action against Oasis. Unfortunately, Oasis, which has a long history of taking activist measures to better its position through the courts and other means, has decided it would try the same tactics with iAnthus. We are disappointed with Oasis’ attempt to extract value at the expense of our shareholders and other stakeholders, and we will pursue any and all remedies available to us as a result of Oasis’ self-interested behavior. We are in active discussions with a variety of financing sources, including significant existing lenders and investors who continue to believe strongly in the prospects of both iAnthus and the broader industry,

Julius Kalcevich, CFO of iAnthus

iAnthus Capital Holdings last traded at $1.33 on the CSE.


Information for this briefing was found via Sedar and iAnthus Capital Holdings Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

iAnthus Capital Fails To Meet Self Imposed Filing Deadline Again

In a move surprising pretty well no one, iAnthus Capital Holdings (CSE: IAN) failed to...

Wednesday, July 1, 2020, 10:09:49 AM

A Hard Look at iAnthus’ Investor Relations Disaster

Last week, investors of the cannabis sector were privy to a prime example of why...

Monday, June 17, 2019, 07:00:44 AM

iAnthus Announces Further Financing From Gotham Green Partners

iAnthus Capital Holdings (CSE: IAN) announced this morning that it has secured up to US$100...

Monday, September 30, 2019, 08:43:52 AM

iAnthus Capital Sees Courts Reject Appeal To Recapitalization Transaction

It appears that the shareholders of iAnthus Capital (CSE: IAN) were unsuccessful in the appeal...

Friday, January 29, 2021, 07:40:01 PM

iAnthus Capital to Open Second Facility, New Dispensaries in Massachusetts

iAnthus Capital Holdings (CSE: IAN) this morning provided an update on the firms Massachusetts operations,...

Thursday, December 5, 2019, 10:23:39 AM