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IM Cannabis Announces Fourth Installment of Shares in Connection with the Panaxia Transaction
TORONTO, ON and GLIL YAM, ISRAEL / ACCESSWIRE / November 18, 2021 / IM Cannabis Corp. (the "Company" or "IM Cannabis") (CSE:IMCC)(NASDAQ:IMCC), a leading
About this update from Im Cannabis Corp.
[{"type":"text","content":"TORONTO, ON and GLIL YAM, ISRAEL / ACCESSWIRE / November 18, 2021 / IM Cannabis Corp. (the \"Company\" or \"IM Cannabis\") (CSE:IMCC)(NASDAQ:IMCC), a leading medical and adult-use recreational cannabis company with operations in Israel, Germany and Canada, today announced the fourth installment of shares in connection with the previously announced acquisition of the Panaxia-to-the-Home online pharmacy and trading centre with an IMC-GDP license from Panaxia Pharmaceutical Industries Israel Ltd. and Panaxia Logistics Ltd., part of the Panaxia Labs Israel, Ltd. group of companies (\"Panaxia\") (TASE:PNAX).As first announced on April 30, 2021, the Company's wholly owned Israeli subsidiary, IMC Holdings Ltd. (\"IMC Holdings\"), signed a definitive agreement with Panaxia, pursuant to which IMC Holdings will acquire Panaxia's trading house license and in-house pharmacy activities, for an aggregate purchase price of $7.2 million (the \"Transaction\"). The Panaxia Transaction purchase price was to be satisfied by a combination of $2.9 million in cash (the \"Cash Consideration\") and $4.3 million in common shares of the Company (\"Consideration Shares\"). The Cash Consideration was paid in two instalments according to the terms of the Transaction.To satisfy the share consideration component of the Panaxia Transaction, the Company will issue a total of five installments of Consideration Shares. Following the announcements regarding the first, second and third installments on August 9, 2021, September 8, 2021 and October 20, respectively, on November 16 2021, the Company issued the fourth installment of 298,529 Consideration Shares in connection with the Transaction at a price of US$3.089 per Consideration Share, representing an aggregate value equal to US$922,156.08. The issue price of the Consideration Shares was calculated based on the average closing price of the common shares of the Company on the Nasdaq Capital Market over the 10-trading day period immediately preceding November 1, 2021. The fifth and final instalment of Consideration Shares will be issuable in connection with the second closing of the Panaxia Transaction, to occur upon receipt of approval from the Israeli Ministry of Health.About IM CannabisIM Cannabis (NASDAQ:IMCC)(CSE:IMCC) is a leading international cannabis company providing premium products to medical patients a...