Source: IM Cannabis.
  • IM Cannabis (IMCC) has closed a third tranche of its ongoing non-brokered private placement
  • The company issued 1,162,000 units priced at US$1.25 for gross proceeds of US$1,452,500
  • The company intends to use the funds for general working capital purposes
  • The final tranche will close no later than March 2, 2023
  • IM Cannabis is an international cannabis company supplying premium cannabis products to medical patients in Israel and Germany
  • IM Cannabis (IMCC) closed up by 9.04 per cent, trading at $1.93 per share

IM Cannabis (IMCC) has closed a third tranche of its ongoing non-brokered private placement.

The company issued 1,162,000 units priced at US$1.25 for gross proceeds of US$1,452,500.

Each unit consists of one common share and one common share purchase warrant.

Each warrant is exercisable into one common share at US$1.50 for 36 months from the date of issue.

The financing falls under the Listed Issuer Financing Exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions. The securities issued are, therefore, not subject to any statutory hold period.

The final tranche will close no later than March 2, 2023.

IM has now closed on 3,479,171 units – under the private placement and a concurrent non-brokered and insider-led private placement – for gross proceeds of US$4,348,963.75.

Securities sold under the concurrent offering are subject to a four-month statutory hold period.

The company intends to use the funds from both offerings for general working capital purposes.

IM Cannabis is an international cannabis company supplying premium cannabis products to medical patients in Israel and Germany.

IM Cannabis (IMCC) closed up by 9.04 per cent, trading at $1.93 per share.


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