IM Cannabis raises US$ 250,000 via convertible note private placement
IMCC•Convertible note private placement closed
IM Cannabis closed a US$ 250,000 convertible note financing in a private placement with an institutional investor.
- 10% original issuance discount; 8% annual interest, stepping up to 14% on an event of default.
- Conversion price set at US$ 0.122 or 90% of the lowest 20-day VWAP, with a US$ 0.02 floor.
- Warrants issued for up to 2,052,545 common shares at C$ 0.17, exercisable immediately, expiring Aug. 7, 2031.
- Net proceeds earmarked for general corporate purposes.
