IM Cannabis Updates Listed Issuer Financing Exemption Offering

IM Cannabis Corp. IMCC IMCC has engaged certain eligible finders in connection with its previously announced private placement offering of units of the company pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus exemptions (the "LIFE offering"). Each finder will receive a cash finder's fee equal to 5% of the aggregate gross proceeds received from purchasers introduced to the company by the finder for the LIFE offering.

The company has prepared an amended and restated offering document related to the LIFE offering that can be accessed under the company's profile at ww.sedar.com and on the company's website. To date, the company has closed on an aggregate of 1.9 million units under a concurrent non-brokered private placement offering at a price of $1.25 per unit for aggregate gross proceeds under the concurrent offering of $2.4 million.

The company has also closed on an aggregate of 400,000 units under the LIFE offering at a price of $1.25 per unit for aggregate gross proceeds of $500,000, such amounts exclusive of 102,152 units issued to a director of the company under the LIFE offering whose subscription price was satisfied by the settlement of $127,690 in debt owed by the company to the director.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles its holder to purchase one additional common share at an exercise price of $1.50 for a period of 36 months from the date of issue.

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