IM Cannabis raises US$225,000 in convertible note financing
IMCC•Use of proceeds
Net proceeds are earmarked for general corporate purposes.
Terms of the note
Interest is set at 8% per year, rising to 14% upon an event of default.
The obligations are to be settled only through conversion into common shares, and not through cash repayment.
Convertible note financing closed
IM Cannabis closed a convertible note financing with gross proceeds of US$225,000 in a private placement with an institutional investor.
The September Note was issued with a US$225,000 principal amount, subject to a 10% original issue discount.
