VANCOUVER, BC and GLIL YAM, Israel, Sept. 24, 2026 /PRNewswire/ -- IM Cannabis Corp. ("IMCC" or the "Company") (Nasdaq: IMCC), a medical cannabis company with operations in Israel and Germany, today announced the closing of its previously announced registered direct offering (the "Offering"), pursuant to which the Company sold and issued 655,000 common shares, no par value per share (the "Common Shares"), to certain accredited investors at a purchase price of US$2.00 per Common Share, resulting in aggregate gross proceeds to the Company of US$1.31 million, before deducting offering expenses.
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The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes, which may include evaluating potential additional business opportunities.
The Offering was made pursuant to the Company's effective shelf registration statement on Form F-3 (File No. 333-288346) which was declared effective by the Securities and Exchange Commission (the "SEC") on July 9, 2025. The Common Shares were offered and sold only by means of a prospectus supplement and the accompanying base prospectus forming part of the effective registration statement. The prospectus supplement and accompanying base prospectus relating to the Offering were filed with the SEC and are available on the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of such securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Related Party Transaction
INVEST-PRO - SHUKAI HON LTD. ("Invest-Pro"), a company which Eli Zamir, a director of the Company, is also a director of, subscribed for 164,585 Common Shares at a price of US$2.00 per Common Share for an aggregate subscription price of US$329,170 under the Offering. Accordingly, the issuance of Common Shares to Invest-Pro constituted a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Absent an available exemption, MI 61-101 would have required the Company to obtain a formal valuation in respect of, and minority shareholder approval for, the related party transaction before its completion. However, in completing the Offering, the Company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(g) and 5.7(1)(e), respectively, on the basis of financial hardship.