IM Cannabis raises US$225,000 in private placement convertible note deal - IMCC News | RalliesIM Cannabis raises US$225,000 in private placement convertible note deal
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IMCC• Private placement terms
- IM Cannabis closed a private placement raising USD 225,000 gross via a convertible note sold to an institutional investor.
- The note was issued with a 10% original issue discount; interest is set at 8%, stepping up to 14% on an event of default.
- Obligations are not repayable in cash; conversions are to be satisfied solely through issuance of common shares.
- The conversion price is set at USD 3.33 or 90% of the 20-day low VWAP, subject to a USD 0.67 floor.
- The financing included warrants for 77,855 common shares at an exercise price of CAD 4.63, expiring Sept. 2, 2031.
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