IM Cannabis Closes Convertible Debenture Offering to Support Accelerated Growth in Germany
Through continuous, active cost management, IMC reduced itsannual G&A costs by 49% in 2023 and is now looking tosignificantly reduce its financial costs.
TORONTO and GLIL YAM, Israel, May 29, 2024/CNW/ -- IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the"Company", "IM Cannabis", or "IMC"), a leadingmedical cannabis company with operations in Israel and Germany, is pleased to announce that in orderto preserve its cash for to support accelerated growth inGermany it has closed anon-brokered private placement (the "Offering") of securedconvertible debentures of the Company (each, a "Debenture")for aggregate proceeds of $2,091,977.The Debentures are being issued to holders of short-term loans andobligations owed by the Company or its wholly owned subsidiaries.The Debentures will mature on May 26,2025, and will not incur interest except in the event ofdefault. The Debentures may be converted into common shares in theCompany (each, a "Share") at a conversion price of$0.85 per Share.
"Active cost management has been our focus since the beginningof 2023. Last year we concentrated on reducing our operatingexpenses, reducing our 2023 G&A expenses -49% vs 2022," saidOren Shuster, CEO ofIMC. "This year we looked at our financial costs. Byrenegotiating our debt, we expect a significant reduction in ourfinancing costs. Our goal is to free resources to driveaccelerated growth in Germany,where we currently see the biggest potential following theApril 1stlegalization."
RELATED PARTY TRANSACTIONS
Oren Shuster, a director and theChief Executive Officer of the Company (the "Insider") hassubscribed for an aggregate of $237,214 of Debentures in the Offering. TheInsider's participation in the Offering (the "InsiderTransaction") is a "related party transaction" within themeaning of Multilateral Instrument 61-101 Protection of MinoritySecurity Holders in Special Transactions ("MI 61-101").The Company intends to rely on the exemptions from the formalvaluation and minority shareholder approval requirements of MI61-101 under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fairmarket value of the Insider Transaction does not exceed 25% of theCompany's market capitalization. As the material change reportdisclosing the Insider Transaction is being filed less than 21 daysbefore the transaction, there is a requirement under MI 61–101 toexplain why the shorter period was reasonable or necessary in thecirc*mstances. In the view of the Company, it is necessary toimmediately close the Insider Transaction and therefore, suchshorter period is reasonable and necessary in the circ*mstances toimprove the Company's financial position.
EARLY WARNING REPORT
Oren Shuster will file an earlywarning report in accordance with National Instrument62-104Take-Over Bids and Issuer Bids("NI62-104") and National Instrument 62-103The EarlyWarning System and Related Take-Over Bid and Insider ReportingIssues("NI 62-103"). On May26, 2024, Mr. Shuster acquired a Debenture in the principalamount of CAD$237,214 pursuant to theOffering (the "Acquisition"), which was issued in fullsatisfaction of CAD$237,214 of debtowed by the Company to him.
Immediately prior to the Acquisition, Mr.Shusterbeneficially owned or controlled 1,872,870 Shares,856,704 Warrants and 131,250 Stock Options of the Company, whichrepresented approximately 13.98% of the then outstanding shares ofthe Company on a non-diluted basis and 19.89%on a partiallydiluted basis if Mr. Shuster converted all of the convertiblesecurities held by him. As a result of the Acquisition, Mr.Shusternow beneficially owns or controls an aggregate of1,872,870 Shares, 856,704 Warrants, 131,250 Stock Options and aDebenture in the principal amount of CAD$237,214 of the Company (the Debenture isconvertible into up to 279,075 Shares at $0.85 per Share) which represented approximately1.8% of the Company's issued and outstanding Shares on anon-diluted basis (based on 13,394,136 Shares issued andoutstanding as of the date hereof), and 23.44% on a partiallydiluted basis if Mr. Shuster converted all of the convertiblesecurities held by him.
Mr. Shusteracquired the securities for general investmentpurposes only. Mr. Shustermay in the future take such actionsin respect of his holdings in IMC as he may deem appropriate basedon his assessment of market conditions and any other conditions heconsiders relevant at the time, including the purchase ofadditional Shares through open market or privately negotiatedtransactions or the sale of all or a portion of his holdings in theopen market or in privately negotiated transactions to one or morepurchasers, subject in each case to applicable securities laws.
Since the previous early warning report filed by Mr.Shusterin respect of the Company, Mr. Shuster's Shareownership position increased by more than 2% and Mr.Shusteracquired securities convertible into more than 2% ofthe issued and outstanding Shares, which triggered the requirementto file an early warning report under applicable CanadianSecurities legislation (the "Early Warning Report").
A copy of the Early Warning Report may be found at SEDAR+ atwww.sedarplus.ca under IMC's profile. For further information,or to obtain a copy of the early warning report, please contactOren Shuster at +972-77-3603504.
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabiscompany that provides premium cannabis products to medical patientsin Israel and Germany, two of the largest medical cannabismarkets. The Company has recently exited operations in Canada to pivot its focus and resources toachieve sustainable and profitable growth in its highest valuemarkets, Israel and Germany. The Company leverages a transnationalecosystem powered by a unique data-driven approach and a globallysourced product supply chain. With an unwavering commitment toresponsible growth and compliance with the strictest regulatoryenvironments, the Company strives to amplify its commercial andbrand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationshipwith Focus Medical Herbs Ltd., which imports and distributescannabis to medical patients, leveraging years of proprietary dataand patient insights. The Company also operates medical cannabisretail pharmacies, online platforms, distribution center, andlogistical hubs in Israel thatenable the safe delivery and quality control of IMC productsthroughout the entire value chain. In Germany, the IMC ecosystem operates throughAdjupharm GmbH, where it distributes cannabis to pharmacies formedical cannabis patients. Until recently, the Company alsoactively operated in Canadathrough Trichome Financial Corp and its wholly owned subsidiaries.The Company has exited operations in Canada and considers these operationsdiscontinued.The securities to be offered pursuant to the Offeringhave not been, and will not be, registered under the United StatesSecurities Act of 1933, as amended (the "U.S. SecuritiesAct") or any United Statesstate securities laws, and may not be offered or sold inthe United States or to, or forthe account or benefit of, UnitedStates persons absent registration or any applicableexemption from the registration requirements of the U.S. SecuritiesAct and applicable United Statesstate securities laws. This news release shall not constitute anoffer to sell or the solicitation of an offer to buy securities inthe United States, nor shall therebe any sale of these securities in any jurisdiction in which suchoffer, solicitation or sale would be unlawful.
Company Contact:
Anna Taranko, Director Investor& Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de
Oren Shuster, CEO
IM Cannabis Corp.
+972-77-3603504
info@imcannabis.com
Forward-Looking Information and Cautionary Statements
This press release contains forward-looking information orforward-looking statements under applicable Canadian andUnited States securities laws(collectively, "forward-looking statements"). All information thataddresses activities or developments that we expect to occur in thefuture are forward-looking statements. Forward-looking statementsare often, but not always, identified by the use of words such as"seek", "anticipate", "believe", "plan", "estimate", "expect","likely" and "intend" and statements that an event or result "may","will", "should", "could" or "might" occur or be achieved and othersimilar expressions. Forward-looking statements are based on theestimates and opinions of management on the date the statements aremade. In the press release, such forward-looking statementsinclude, but are not limited to, statements relating to:significant reduction in our financing costs; the timing and impactof the legalization of medicinal cannabis in Germany; and the Company's accelerated growthin Germany.
Forward-looking statements are based on assumptions that mayprove to be incorrect, including but not limited to: the Company'sability significant reduction in our financing costs; the Company'sability to focus and resources to achieve sustainable andprofitable growth in its highest value markets; the Company'sability to mitigate the impact of the Israel-Hamas war on theCompany; the Company's ability to take advantage of thelegalization of medicinal cannabis in Germany; the Company's ability to host ateleconference meeting as stated; and the Company's ability tocarry out its stated goals, scope, and nature of operations inGermany, Israel, and other jurisdictions the Companymay operate. The above lists of forward-looking statements andassumptions are not exhaustive. Since forward-looking statementsaddress future events and conditions, by their very nature theyinvolve inherent risks and uncertainties. Actual results may differmaterially from those currently anticipated or implied by suchforward looking statements due to a number of factors and risks.These include: the failure of the Company to comply with applicableregulatory requirements in a highly regulated industry; unexpectedchanges in governmental policies and regulations in thejurisdictions in which the Company operates; the Company's abilityto continue to meet the listing requirements of the CanadianSecurities Exchange and the NASDAQ Capital Market; any unexpectedfailure to maintain in good standing or renew its licenses; theability of the Company and its subsidiaries (collectively, the"Group") to deliver on their sales commitments or growthobjectives; the reliance of the Group on third-party supplyagreements to provide sufficient quantities of medical cannabis tofulfil the Group's obligations; the Group's possible exposure toliability, the perceived level of risk related thereto, and theanticipated results of any litigation or other similar disputes orlegal proceedings involving the Group; the impact of increasingcompetition; any lack of merger and acquisition opportunities;adverse market conditions; the inherent uncertainty of productionquantities, qualities and cost estimates and the potential forunexpected costs and expenses; risks of product liability and othersafety-related liability from the usage of the Group's cannabisproducts; supply chain constraints; reliance on key personnel; therisk of defaulting on existing debt; risks surrounding war,conflict and civil unrest in EasternEurope and the Middle East,including the impact of the Israel-Hamas war on the Company, itsoperations and the medical cannabis industry in Israel; risks associated with the Companyfocusing on the Israel andGermany markets; the inability ofthe Company to achieve sustainable profitability and/or increaseshareholder value; the inability of the Company to actively managecosts and/or improve margins; the inability of the company to growand/or maintain sales; the inability of the Company to meet itsgoals and/or strategic plans; the inability of the Company toreduce costs and/or maintain revenues; the Company's inability totake advantage of the legalization of medicinal cannabis inGermany; and the Company'sinability to host a teleconference meeting as stated. Please seethe other risks, uncertainties and factors set out under theheading "Risk Factors" in the Company's annual report datedMarch 28, 2024, which is available onthe Company's issuer profile on SEDAR+ at www.sedarplus.ca andEdgar at www.sec.gov/edgar. Any forward-looking statement includedin this press release is made as of the date of this press releaseand is based on the beliefs, estimates, expectations and opinionsof management on the date such forward looking information is made.The Company does not undertake any obligation to updateforward-looking statements except as required by applicablesecurities laws. Investors should not place undue reliance onforward-looking statements. Forward looking statements contained inthis press release are expressly qualified by this cautionarystatement.
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Report of foreign issuer [Rules 13a-16 and 15d-16]","short_text":"","one_line_short_text":"","link":"https:\/\/www.advfn.com\/stock-market\/NASDAQ\/IMCC\/stock-news\/93942418\/form-6-k-report-of-foreign-issuer-rules-13a-16","source":"Edgar (US Regulatory)","source_logo":"\/common\/images\/news-sources\/edgar2.png","tags":["REGULATORY"],"timestamp":1716986912,"date":"Wed May 29, 2024 ","time":"8:48 AM (2 weeks ago)","full_date":"May 29, 2024 8:48 AM","post_time":"May 29 2024","article_id":93942418,"source_id":"edgar2","media_url":null,"press_release":true},{"headline":"IM Cannabis Closes Convertible Debenture Offering to Support Accelerated Growth in Germany","short_text":" IM Cannabis Closes Convertible Debenture Offering to Support Accelerated Growth in Germany\nPR Newswire\nTORONTO and GLIL YAM, Israel, May 29, 2024 Through continuous, active cost management, IMC...","one_line_short_text":" IM Cannabis Closes Convertible Debenture Offering to Support Accelerated Growth in Germany\nPR Newswire\nTORONTO and GLIL YAM, Israel, May 29, 2024...","link":"https:\/\/www.advfn.com\/stock-market\/NASDAQ\/IMCC\/stock-news\/93942255\/im-cannabis-closes-convertible-debenture-offering","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1716985800,"date":"Wed May 29, 2024 ","time":"8:30 AM (2 weeks ago)","full_date":"May 29, 2024 8:30 AM","post_time":"May 29 2024","article_id":93942255,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"IMC announces the termination of a preliminary term sheet with Kadimastem Ltd., a public company traded on the Tel Aviv Stock Exchange to fully focus on the recently legalized German market","short_text":" IMC announces the termination of a preliminary term sheet with Kadimastem Ltd., a public company traded on the Tel Aviv Stock Exchange to fully focus on the recently legalized German...","one_line_short_text":" IMC announces the termination of a preliminary term sheet with Kadimastem Ltd., a public company traded on the Tel Aviv Stock Exchange to fully...","link":"https:\/\/www.advfn.com\/stock-market\/NASDAQ\/IMCC\/stock-news\/93933902\/imc-announces-the-termination-of-a-preliminary-ter","source":"PR Newswire (Canada)","source_logo":"\/common\/images\/news-sources\/prnca.png","tags":[],"timestamp":1716899400,"date":"Tue May 28, 2024 ","time":"8:30 AM (2 weeks ago)","full_date":"May 28, 2024 8:30 AM","post_time":"May 28 2024","article_id":93933902,"source_id":"prnca","media_url":null,"press_release":false},{"headline":"Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]","short_text":"","one_line_short_text":"","link":"https:\/\/www.advfn.com\/stock-market\/NASDAQ\/IMCC\/stock-news\/93802697\/form-6-k-report-of-foreign-issuer-rules-13a-16","source":"Edgar (US Regulatory)","source_logo":"\/common\/images\/news-sources\/edgar2.png","tags":["REGULATORY"],"timestamp":1715170439,"date":"Wed May 08, 2024 ","time":"8:13 AM (1 month ago)","full_date":"May 8, 2024 8:13 AM","post_time":"May 08 2024","article_id":93802697,"source_id":"edgar2","media_url":null,"press_release":true},{"headline":"IM Cannabis Reports First Quarter Financial Results","short_text":" IM Cannabis Reports First Quarter Financial Results\nCanada NewsWire\nTORONTO and GLIL YAM, Israel, May 8, 2024 IMC prepares for accelerated growth after legalization in Germany and recovers from...","one_line_short_text":" IM Cannabis Reports First Quarter Financial Results\nCanada NewsWire\nTORONTO and GLIL YAM, Israel, May 8, 2024 IMC prepares for accelerated growth...","link":"https:\/\/www.advfn.com\/stock-market\/NASDAQ\/IMCC\/stock-news\/93802478\/im-cannabis-reports-first-quarter-financial-result","source":"PR Newswire (Canada)","source_logo":"\/common\/images\/news-sources\/prnca.png","tags":[],"timestamp":1715169600,"date":"Wed May 08, 2024 ","time":"8:00 AM (1 month ago)","full_date":"May 8, 2024 8:00 AM","post_time":"May 08 2024","article_id":93802478,"source_id":"prnca","media_url":null,"press_release":false}],"Preferred Contributors": ""}},created: function () {this.loaded = true;Vue.nextTick(function(){});}});});
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