IM Cannabis Secures US$1.2 Million via Convertible Note Financing
IM Cannabis Corp. (Nasdaq: IMCC) has closed a private placement with an existing institutional investor, raising US$1,200,000 through the issuance of convertible promissory notes. The financing includes a 15% original issuance discount and carries a 4% annual interest rate, which increases to 14% in the event of default. The agreement allows for potential future capital raises, permitting the company to request additional note purchases of up to US$1,200,000 every three months starting January 1, 2027. Additionally, the investor received warrants to purchase up to 3,936,330 common shares at an exercise price of US$0.610 per share. The company intends to utilize the net proceeds for general corporate purposes. The notes mature in 28 months and are repayable in ten equal monthly installments following the 18th month.
Tickers: $IMCC
Topics: capital raising convertible note private placement warrants