Loan & DebtMay 7, 2026, 05:12 PM
IM Cannabis Secures $300K Convertible Note & Warrant Financing
AI Summary
IM Cannabis Corp. closed a US$300,000 convertible note and warrant financing with an institutional investor on May 7, 2026. This transaction, combined with a previous US$250,000 financing on April 6, 2026, brings the total gross proceeds from recent similar financings to US$550,000. The US$300,000 note bears an 8% annual interest rate and is convertible into common shares, while the associated warrant allows the purchase of up to 1,127,820 common shares at CAD$0.36. The net proceeds of US$270,000 from this offering will be used for general corporate purposes.
Key Highlights
- IM Cannabis closed a US$300,000 convertible note and warrant financing.
- Total gross proceeds from recent similar financings reached US$550,000.
- Net proceeds of US$270,000 from this offering will be used for general corporate purposes.
- The convertible note bears 8% annual interest, increasing to 14% upon default.
- A warrant was issued to purchase up to 1,127,820 common shares at CAD$0.36.
- Note conversion price is the lower of US$0.266 fixed or 90% VWAP, with a US$0.05 floor.
- The warrant is exercisable for five years, expiring on May 7, 2031.
- Company will file a Form F-3 resale registration statement for the shares.
Price Impact
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