CSE:IMCC - Post Discussion
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Betteryear2 on Apr 28, 2023 7:48am
IM Cannabis Announces Units for Debt Settlement
TORONTO and GLIL YAM, Israel, April 28, 2023 /CNW/ -- IM Cannabis Corp. (the "Company" or "IMC") (NASDAQ: IMCC) (CSE: IMCC), an international medical cannabis company, has agreed to a securities for debt settlement transaction (the "Debt Settlement") with L5 Capital Inc. ("L5 Capital"), a company wholly-owned and controlled by Marc Lustig, the executive chairman and a director of the Company. Pursuant to the Debt Settlement, the Company will settle outstanding indebtedness of $838,776 (approximately US$615,615, using the Bank of Canada daily exchange rate for April 26, 2023) through the issuance of 492,492 units (the "Units") at a price of US$1.25 per Unit. Each Unit consists of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles L5 Capital to purchase one additional Common Share at an exercise price of US$1.50 for a period of 36 months from the date of issue. IM Cannabis Announces Units for Debt Settlement (newswire.ca)
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