VANCOUVER, BC, July 31, 2020 /CNW/ – Invictus MD Strategies Corp. (NEX: GENE.H) (the “Company“) announced that it has received both creditor and Court approval of the investment agreement for the sale of its wholly-owned subsidiary, Acreage Pharms Ltd. (“Acreage“), to Acreage Developments Corp. (the “Investor“), a privately-owned company that is unrelated to the Company and its directors and officers.
At a creditors’ meeting held July 21, 2020, the creditors unanimously approved the transaction with the Investor and a plan of compromise and arrangement (the “Plan“). The Court subsequently approved the transaction and the Plan, as part of the CCAA proceedings currently underway involving the Company and its subsidiaries. As part of the transaction and Plan, all existing shares of Acreage will be cancelled and new shares issued to the Investor. As a consequence, the Investor will be the sole shareholder of Acreage, and it is not anticipated that the sale will result in any recovery for creditors or the common shareholders of the Company. Recoveries will be limited to the creditors of Acreage.
The Company continues to seek buyers for its remaining assets. There can be no assurance that any transaction involving the remaining assets of the Company will eventuate.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including the potential completion of the sale of Acreage to the Purchaser, the possibility of transactions involving the other assets of the Company and the lack of any anticipated recovery for common shareholders or unsecured creditors, are forward-looking statements and contains 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”. These forward-looking statements 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. 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 their purposes.
SOURCE Invictus MD Strategies
For further information: Elena Gershtein, Acting Chief Financial Officer, Phone: 236-788-8134, Email: email@example.com
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