Invictus MD Loses $5.7 Million Proposed Convertible Financing
Invictus MD Strategies Corp (TSXV: GENE) quietly released this morning that its previously announced binding letter of intent with Unified Cannabis Corp has been terminated. The agreement was announced on December 16, and was to consist of a convertible financing to enable Invictus to continue with its expansion plans.
The financing, when originally announced, was to consist of $5.7 million in secured convertible debentures that had a term of one year. The debt was to have a conversion price of $0.19505 per share, with an interest rate of 8% per annum. The debt was to also have 100% warrant coverage, with the proposal stating 29,223,212 warrants with an exercise price of $0.19505 for a period of one year would be issued.
The financing was to be used to fund the completion of a portion of phase 3 at Invictus’ Acreage Pharms facility.
A reason for the termination of the proposed financing was not provided.
Invictus MD last traded at $0.11 on the TSX Venture.
Information for this briefing was found via Sedar and Invictus MD Strategies Corp. 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.