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IM Cannabis Announces Closing of US$ 35 Million Equity Financing
TORONTO, ON and GLIL YAM, ISRAEL / ACCESSWIRE / May 10, 2021 / IM Cannabis Corp. ("IMC" or the "Company") (CSE: IMCC), (NASDAQ: IMCC), a multi-country
About this update from Im Cannabis Corp.
[{"type":"text","content":"TORONTO, ON and GLIL YAM, ISRAEL / ACCESSWIRE / May 10, 2021 / IM Cannabis Corp. (\"IMC\" or the \"Company\") (CSE: IMCC), (NASDAQ: IMCC), a multi-country operator (\"MCO\") in the medical and adult-use recreational cannabis sector with operations in Israel, Germany and Canada, is pleased to announce the closing of its previously announced overnight marketed offering (the \"Offering\") of 6,086,956 common shares of the Company (each an \"Offered Share\") at a price of US$5.75 per Offered Share for aggregate gross proceeds of approximately US$35,000,000. The Company also issued 3,043,478 common share purchase warrants (each a \"Warrant\") to purchasers of Offered Shares, for no additional consideration, that entitle the holders to purchase common shares of the Company at an exercise price of US$7.20 for a term of 5 years from today's date (the \"Closing Date\"). Pursuant to the terms of the Offering, the agents hold an over-allotment option to purchase up to an additional 913,044 Offered Shares and 465,522 Warrants on the same terms and conditions for a period of 30 days following the Closing Date.A.G.P./Alliance Global Partners and Roth Capital Partners acted as co-lead agents for the Offering in connection with offers and sales in the United States and Roth Canada, ULC acted as the sole agent in Canada. The securities offered under the Offering were issued and sold in the United States and in the provinces of British Columbia, Ontario and Alberta in Canada in accordance with applicable securities laws. BMO Nesbitt Burns Inc. acted as part of the selling group relating to the Offering in Canada.The Company intends to use the net proceeds of the Offering for: (i) supporting growth initiatives in core markets of Israel, Germany and Canada; (ii) additional strategic mergers and acquisitions opportunities; and (iii) general working capital purposes.The Offering was conducted pursuant to the Company's effective shelf registration statement on Form F-10 (File No. 333-254255) (the \"Registration Statement\") filed with the U.S. Securities and Exchange Commission (the \"SEC\") and a corresponding Canadian base shelf prospectus (the \"Shelf Prospectus\") filed with the securities regulatory authority in each of the provinces and territories of Canada. On May 5, 2021, the Company filed a final prospectus supplement (the \"Prospectus Suppl...