IM Cannabis To Raise Up To $5M Via Private Placement Led By Management

IM Cannabis To Raise Up To $5M Via Private Placement Led By Management

IM Cannabis Corp. IMCC IMCC is undertaking a non-brokered private placement for aggregate gross proceeds of up to $5 million. The offering, which is expected to close in one or more tranches, will be led by the company's management team, including Oren Shuster, CEO, and Marc Lustig, chairman of the company.

Pursuant to the offering, the company may issue up to 10 million common shares of the company at a price of $0.50 per common share. All securities issued under the offering will be subject to a hold period of four months and one day from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

The company intends to use the proceeds from the offering for general working capital purposes.

As a result of the participation by the insiders, the offering is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 - Protection of minority security holders in special transactions.

The closing of the Offering is expected to occur on or about August 22, 2022.

Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels

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Posted In: Marc LustigOren ShusterCannabisNewsPenny StocksMarkets

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