IM Cannabis Corp. (NASDAQ: IMCC) (CSE:IMCC), has closed the securities for debt settlement transaction with L5 Capital Inc., a company wholly-owned and controlled by Marc Lustig, the executive chairman and a director of the company. Pursuant to the debt settlement, the company settled outstanding indebtedness of CA$838,776 (approximately $615,615) through issuing 492,492 units at a price of $1.25 per unit. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles L5 Capital to purchase one additional common share at an exercise price of $1.50 per common share for a period of 36 months from the date of issuance.
The debt settlement is a "related party transaction" pursuant to Multilateral Instrument 61-101 – Protection of minority security holders …