IM Cannabis Corp. (NASDAQ: IMCC) (CSE:IMCC) announced a non-brokered private placement of a minimum of 400,000 units and a maximum of 2.96 million units of the company at a price of $1.25 per unit for aggregate gross proceeds of a minimum of $500,000 and a maximum of $3.7 million, which will be 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. 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.

The listed issuer financing exemption offering will be led by Marc Lustig, executive chairman of the company. The listed issuer financing exemption offering is expected to be completed in multiple closings, with the first closing expected to occur on or about January 16, 2023 and the final closing to occur no later than March 2, 2023.

Concurrent with the listed issuer financing exemption offering, IMC is selling, on a non-brokered private placement basis, an additional 2 million units on the same terms and at the same price for additional aggregate gross proceeds of …

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