IM Cannabis raises US$1.2 million in convertible note financing
IMCC•IM Cannabis closed a US$1.2 million convertible note financing with an existing institutional investor. The note carries 4% annual interest, a 15% original issue discount and a 28-month maturity.
1. Financing terms
Repayment will be made in 10 equal monthly installments beginning after month 18. Conversion is priced at the lower of US$0.61 or 85% of the lowest 20-day VWAP, subject to a US$0.1449 floor; net proceeds will fund general corporate purposes.
