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IM Cannabis Raised US$550,000 of Gross Proceeds in Convertible Note Financings

IMCC
  • IM Cannabis Corp. (Nasdaq: IMCC) closed a US$300,000 convertible note financing on May 7, 2026, bringing total recent gross proceeds to US$550,000.
  • The First Note, issued April 6, 2026, carries a principal amount of US$250,000 with a 10% original issuance discount.
  • The First Note bears 8% annual interest, rising to 14% upon default, & is convertible solely into common shares.
  • First Note conversion pricing is the lower of US$0.339 per share or 90% of the 20-day VWAP, subject to a US$0.07 floor.
  • The First Note includes a 4.99% beneficial ownership cap & issued warrants for 272,861 shares at C$0.47 per share expiring April 6, 2031.
  • The Second Note, issued May 7, 2026, carries a principal amount of US$300,000 with a 10% original issuance discount.
  • The Second Note bears 8% annual interest, rising to 14% upon default, & is convertible solely into common shares.
  • Second Note conversion pricing is the lower of US$0.266 per share or 90% of the 20-day VWAP, subject to a US$0.05 floor.
  • The Second Note includes a 4.99% beneficial ownership cap & issued warrants for 1,127,820 shares at C$0.36 per share expiring May 7, 2031.
  • Proceeds from both notes are intended for general corporate purposes.
  • The Company agreed to reserve shares for conversion & warrant exercise & to file a Form F-3 resale registration statement with the SEC.
  • All securities are subject to a four-month & one-day hold period & legends required under the U.S. Securities Act of 1933.
  • The private placements were conducted in reliance on exemptions from registration under Section 4(a)(2) of the Securities Act & Canadian securities laws.
  • IM Cannabis operates medical cannabis platforms in Israel & Germany through subsidiaries including Adjupharm GmbH.