Publicly traded international medical cannabis company IM Cannabis Corp. is launching two non-brokered private placements to raise as much as $5.5 million.
The fundraising announced Friday includes a non-brokered private placement of between 400,000 and 2,960,000 units of IM Cannabis at $1.25 per unit, to raise aggregate gross proceeds of between $500,000 and $3.7 million.
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Each unit includes one common share and a share purchase warrant exercisable at $1.50 for three years, with no statutory hold period.
That offering will be led by IM Cannabis executive chairman Marc Lustig, and is expected to have multiple closings between Jan. 16 and March 2.
A concurrent non-brokered private placement will offer 2 million more units, at the same terms and the same price for aggregate gross proceeds of up to $2.5 million, led by company insiders including CEO Oren Shuster.
That offering will be subject to a statutory
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