VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/28/13 -- Invictus Financial Inc. (the "Company") is pleased to announce that the Company's cease trade orders issued by the British Columbia Securities Commission and Alberta Securities Commission have been revoked.
In 2011, the British Columbia Securities Commission and Alberta Securities Commission issued cease trade orders against the Company as a result of the Company not filing various periodic disclosure documents.
On June 26, 2013 the Company received a revocation of the cease trade order in British Columbia and on June 28, 2013 the Company received a revocation of the cease trade order in Alberta. As at the date of this press release, the authorized share capital of the Company consists of 5,000,000 preferred shares, Series A convertible, and 75,000,000 common shares (the "Common Shares"). The Company currently has 2,573,001 Common Shares issued and outstanding (the "Outstanding Shares"). Other than the Outstanding Shares, the Company has no securities, including convertible debt securities, issued or outstanding, except for a debenture for the principal amount of $252,889 plus accrued interest totalling $381,010 (as at March 31, 2013). The principal amount is interest bearing at 18% per annum, with interest calculated on a monthly basis.
The Company plans to undertake an equity and/or debt financing to fund its general working capital over the next twelve months, to repay secured shareholder advances due to a shareholder which were required to fund the costs associated with the revocation application. There can be no assurance that any additional financing will be available to the Company or, if its is, that it will be available on terms acceptable to the Company or that same will be sufficient to fund the costs incurred until the Company acquires an operating business or completes a transaction.
This press release may contain forward-looking information with respect to the Company, its subsidiaries and its investments. These statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties include interest rate changes, currency fluctuations, changes in security prices, market conditions, prices of raw materials, general economic and other risks detailed from time to time in the publicly filed disclosure documents and securities commission reports of the Company, its subsidiaries, and its investments.
Invictus Financial Inc.
Mr. Marcus New
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