Oasis Files Statement of Defence And Counterclaim Against iAnthus Capital
iAnthus Capital Holdings (CSE: IAN) has received a statement of defence and counterclaim from that of Oasis Investments II Master Fund Ltd in connection with the firms previously announced lawsuit against the lender. iAnthus, who announced the filing of a statement of claim against the lender on February 27, is alleging that Oasis has been interfering with fundraiser efforts being led by the company.
Remedies sought by that of Oasis within the counterclaim include the admission by iAnthus that they are in breach of their obligations under the unsecured debentures, and a declaration that the company has acted in a manner that is oppressive to Oasis. Oasis is also seeking a court order for a payment of funds which covers the unsecured convertible debenture, applicable interest, as well as expenses and fees in full. iAnthus finds the counterclaim to be without merit.
The court case is in relation to a March 2019 unsecured convertible debenture, for which Oasis Investments subscribed to for $25.0 million. In the time since, iAnthus alleges that the lender has repeatedly agitated the company with unfounded allegations and self interest proposals as a means of bettering their investment within iAnthus.
The firm has allegedly attempted to renegotiate the terms of the unsecured convertible debentures a number of times as a result of the fall out in iAnthus’ share price over the period. Oasis also alleges that debt covenants have been breached and an event of default has occurred, which is believed to be in connection with a recent investment by Gotham Green Partners.
iAnthus Capital Holdings last traded at $0.59 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.
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