IM Cannabis Corp. (NASDAQ: IMCC) (CSE:IMCC) has closed the first tranche of its non-brokered private placement, of 400,000 units of the company at a price of $1.25 per unit for aggregate proceeds of $500,000. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles its holder to purchase one additional common share at an exercise price of $1.50 for a period of 36 months from the date of issue. Units in the listed issuer financing exemption offering first tranche were offered for sale to purchasers resident in Canada (except Quebec) and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under part 5A of National Instrument 45-106 – Prospectus exemptions, and will not be subject to any statutory hold period in accordance with applicable Canadian securities laws. The company may close additional tranches of the listed issuer financing exemption offering.

The company has also closed a non-brokered private placement of 1.16 million units on the …

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