Invictus MD Strategies Corp. (OTCPK:IVIT.F) entered into a binding letter of intent to acquire PlanC BioPharm Inc. for CAD 8.6 million on January 17, 2017. Under the terms, Invictus MD Strategies will issue to PlanC BioPharm shareholders CAD 0.1 million in cash and 0.05 million common shares as consideration for entering into letter of intent. In addition, Invictus MD Strategies will pay CAD 0.1 million in cash and 0.1 million in common shares as consideration for signing a definitive agreement. The definitive agreement will require the common share issuances to the current shareholders of PlanC BioPharm upon the occurrence of the milestones including 0.2 million common shares on the closing of the transaction, 0.3 million common shares to PlanC BioPharm receiving an affirmation email from Health Canada, 0.5 million common shares upon the completion of pre-licensing inspection and 5 million common shares upon PlanC BioPharm’s receipt of a cultivation license under the ACMPR. In connection with each such issuance of Invictus MD Strategies common shares, the value of each Invictus MD Strategies common share value will be the closing share price of Invictus MD Strategies immediately prior to the date the milestone is achieved. Invictus MD Strategies is required to contribute CAD 8 million to be held in escrow for the benefit of PlanC BioPharm as the escrow monies within 90 days of signing the definitive agreement. The escrow monies will be used to exercise an option to acquire the property, construct the 30,000 square foot facility and for general working capital purposes. Invictus MD Strategies Corp. (OTCPK:IVIT.F) cancelled the acquisition of PlanC BioPharm Inc. on January 17, 2018.