Ilium Capital Corporation entered into a share purchase agreement to acquire unknown stake in Gravitas Ilium Corporation from Gravitas Financial Inc. (CNSX:GFI) for CAD 0.5 million on October 11, 2019. Under the terms of the transaction, Ilium Capital will acquire 13.83 million common shares of Gravitas Ilium Corporation and a release of all of the claims by Gravitas for indebtedness owed by GIC and its subsidiary, Foregrowth Inc. to Gravitas. The transaction is subject to certain customary closing conditions as well as certain regulatory approvals, including approvals from the applicable securities regulators, the applicable securities exchanges and the Investment Industry Regulatory Organization of Canada. Gravitas Financial shareholders will hold Annual and Special meeting on October 29, 2019 to approve the transaction. Gravitas Financial formed a committee comprised of an independent and disinterested member of the board of directors of Gravitas. Gravitas Financial will use the proceeds primarily to satisfy its secured debt obligations. Ilium Capital Corporation completed the acquisition of unknown stake in Gravitas Ilium Corporation from Gravitas Financial Inc. (CNSX:GFI) for CAD 0.3 million on April 28, 2020.