IM Cannabis Corp. announced the closing of a non-brokered private placement offering on November 12, 2024, raising gross proceeds of C$2,138,448.96. The offering involved the issuance of 742,517 Units, each comprising one common share or pre-funded common share purchase warrant, and one common share purchase warrant.
The securities issued under this offering are subject to a hold period of four months and one day under applicable Canadian securities laws. This measure ensures that the newly issued shares and warrants are not immediately traded, providing a period of stability for the capital structure.
The company intends to allocate the proceeds from this private placement towards general working capital, the repayment of existing indebtedness, and general corporate purposes. This capital injection is expected to support IM Cannabis's ongoing operations and strategic initiatives.
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