- IM Cannabis Corp. (IMCC) has closed the first tranche of its non-brokered private placement
- Under the first tranche, the company issued 400,000 units at US$1.25 per unit for gross proceeds of US$500,000
- The company also closed a non-brokered private placement under a separate offering of 1,159,999 units for gross proceeds of US$1,449,999
- IM Cannabis is an international cannabis company providing products to medical patients and adult-use recreational consumers
- IM Cannabis Corp. opened trading at C$1.76
IM Cannabis Corp. (IMCC) has closed the first tranche of a non-brokered private placement for gross proceeds of US$500,000.
Under the first tranche of the previously-announced offering, the company issued 400,000 units at US$1.25 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant may be exercised to purchase one additional common share at an exercise price of US$1.50 for a period of 36 months.
The securities will be issued under the Listed Issuer Financing Exemption Offering and will not be subject to any statutory hold period.
Net proceeds will be used for general working capital purposes.
“Given the market and business dynamics across our regions, capital allocation has become more important than ever,” stated Oren Shuster, Chief Executive Officer of IM Cannabis. “We continue to be strongly focused on generating efficiencies and synergies, bringing all our financial and human capital to support the growth and success of the company.”
The offering is expected to close on or about March 2, 2023.
The company also closed a separate non-brokered private placement of 1,159,999 units for gross proceeds of US$1,449,999.
IM Cannabis is an international cannabis company providing products to medical patients and adult-use recreational consumers. IM Cannabis has operations in Israel, Germany, and Canada.
IM Cannabis Corp. opened trading at C$1.76.