Financing ·
IM Cannabis raises $1.31M via registered direct offering of 655,000 units at $2.00 per share
IMCCIM Cannabis Corp.
IM Cannabis Corp. closed a registered direct offering of common shares, selling 655,000 units to accredited investors at $2.00 per share for aggregate gross proceeds of US$1.31 million. The company intends to use the net proceeds for working capital and general corporate purposes. A related party transaction occurred wherein Invest-Pro SHUKAI HON LTD., associated with director Eli Zamir, subscribed for 164,585 shares at $2.00 per share for US$329,170. The company relied on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101 due to serious financial difficulty and liquidity constraints. IM Cannabis Corp. operates in the medical cannabis industry, serving patients through operations in Israel and Germany.