, /PRNewswire/ -- IM Cannabis Corp. (CSE: IMCC) (NASDAQ: ) (the " ", " ", or " "), a leading medical cannabis company with operations in and , is pleased to announce that in order to preserve its cash for to support accelerated growth in it has closed a non-brokered private placement (the " ") of secured convertible debentures of the Company (each, a " ") for aggregate proceeds of . The Debentures are being issued to holders of short-term loans and obligations owed by the Company or its wholly owned subsidiaries.
The Debentures will mature on , and will not incur interest except in the event of default. The Debentures may be converted into common shares in the Company (each, a " ") at a conversion price of per Share. "Active cost management has been our focus since the beginning of 2023.
Last year we concentrated on reducing our operating expenses, reducing our 2023 G&A expenses -49% vs 2022," said , CEO of IMC. "This year we looked at our financial costs. By renegotiating our debt, we expect a significant reduction in our financing costs.
Our goal is to free resources to drive accelerated growth in , where we currently see the biggest potential following the legalization." , a director and the Chief Executive Officer of the Company (the " ") has subscribed for an aggregate of of Debentures in the Offering. The Insider's participation in the Offering (the " ") is a "related party transaction" within the meaning of Multilateral Instrument 61-101 (" ").
The Company intends to r.
