Loan & DebtNov 4, 2026, 04:17 PM
IM Cannabis Corp. Raises $1.2M Via Convertible Note Financing
AI Summary
IM Cannabis Corp. announced the closing of a US$1,200,000 convertible note financing with an institutional investor. The financing includes a convertible promissory note and a warrant to purchase common shares. The company intends to use the net proceeds of US$1,020,000 for general corporate purposes. The note has a 4.0% interest rate, convertible into common shares at a price based on a fixed price or a discount to market price, with a floor. The warrant is exercisable for three years.
Key Highlights
- IM Cannabis Corp. raised US$1,200,000 in gross proceeds through a convertible note financing.
- The company issued a convertible promissory note with a principal amount of US$1,200,000.
- A warrant was issued to purchase up to 3,936,330 common shares at an exercise price of US$0.610 per share.
- Net proceeds of US$1,020,000 will be used for general corporate purposes.
- The convertible note bears interest at 4.0% per annum, increasing to 14.0% upon default.
- The conversion price is the lower of a fixed price of US$0.610 or 85% of the VWAP, with a floor price of US$0.1449.
- The warrant is exercisable for three years until November 3, 2029.
Price Impact
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