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Invictus MD Strategies Corp. (CSE: IMH; OTC: IVITF; FRA: 8IS) has entered into an agreement with Canaccord Genuity Corp. and Eventus Capital Corp. as co-lead underwriters, pursuant to which the underwriters have agreed to purchase, on a bought-deal private-placement basis, 9.1 million units of the company at a price of $1.65 per unit for aggregate gross proceeds to the company of $15,015,000.
Invictus MD Strategies Corp. (CSE: IMH; OTC: IVITF; FRA: 8IS) has entered into an agreement with Canaccord Genuity Corp. and Eventus Capital Corp. as co-lead underwriters, pursuant to which the underwriters have agreed to purchase, on a bought-deal private-placement basis, 9.1 million units of the company at a price of $1.65 per unit for aggregate gross proceeds to the company of $15,015,000.
The company has agreed to grant the underwriters an overallotment option to purchase up to an additional 1,365,000 units at the offering price, exercisable in whole or in part at any time for a period of 48 hours prior to the closing of the offering. In the event the overallotment option is exercised in full, the aggregate gross proceeds of the offering will be $17,267,250.
Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each warrant will be exercisable to acquire one common share for a period of 18 months following the closing date of the offering at an exercise price of $2.35 per warrant share. In the event that the company’s daily volume-weighted average share price on the Canadian Securities Exchange (or such other stock exchange the company may be trading on) is greater than $3.75 for 10 consecutive trading days, the company shall, within five days thereafter, issue to the warrantholders a written notice advising of the accelerated expiry of the warrants, which shall not be more than 30 days after the mailing date of such notice. Net proceeds from the offering will be used for expansion plans for the company’s assets and for general working capital purposes.
Closing of the offering is expected to occur on or about March 2, 2017. The offering is in the form of a bought-deal private placement (i) in Canada to accredited investors within the meaning of National Instrument 45-106 and other exempt purchasers in such provinces of Canada, as agreed upon by the issuer and the underwriters; (ii) in the United States in accordance with exemption to the registration requirement under applicable United States securities law; and (iii) outside Canada and the United States on a basis which does not require the qualification or registration of any of the common shares, warrants, warrant shares of the company.
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