IM Cannabis Raises US$2.2mln in Note Purchase Agreements to Manage Liquidity

IM Cannabis Corp. has raised $2,171,660.40 in debt financing from a third-party lender to address liquidity issues. The company issued a note with an 8% interest rate, increasing to 14% upon default. The note has a maturity date of 18 months and can be prepaid in whole or in part. The lender also received 228,150 common share purchase warrants with a $3.45 exercise price. Proceeds will be used for general corporate purposes and creditor repayments.