TORONTO and GLIL YAM,
Israel, April 12, 2022 /PRNewswire/ -- Oren Shuster,
CEO, director and founder of IM Cannabis Corp. ("IMCC" or
the "Company") (CSE: IMCC) (NASDAQ: IMCC), announces that he
has acquired an aggregate of 150,000 common shares in the capital
of IMCC (the "Common Shares") in a series of open market
transactions between April 5 and 8,
2022 through the facilities of the Nasdaq Capital Market
(the "NASDAQ") (the "Acquisition"). Mr. Shuster
acquired the Common Shares at an average price of
US$2.238 per Common Share (approximately CAD$2.804) for an aggregate purchase price of
US$335,731.60 (approximately
CAD$420,709.42).
Immediately prior to the Acquisition, Mr. Shuster held
beneficial ownership of, or control or direction over, 9,135,137
Common Shares, representing 13.11% of the issued and outstanding
Common Shares on a non-diluted basis and 14.71% of the Common
Shares on a partially diluted basis. As a result of the
Acquisition, Mr. Shuster now holds beneficial ownership of, or
control or direction over, an aggregate of 9,285,137 Common Shares,
representing approximately 13.32% of the issued and outstanding
Common Shares on a non-diluted basis and 14.93% of the Common
Shares on a partially diluted basis. While the Acquisition did not
involve a significant number of Common Shares, the resulting change
in Mr. Shuster's share ownership position was greater than 2% from
Mr. Shuster's last early warning report that was filed on
October 16, 2019 (the "Previous
EWR") in which he reported the beneficial ownership of 25.07%
of the then issued and outstanding Common Shares on a non-diluted
basis. The decrease in Mr. Shuster's share ownership since the
Previous EWR was due primarily to a series of Common Share
issuances by the Company that diluted Mr. Shuster's last reported
position.
Mr. Shuster acquired the Common Shares for general investment
purposes only. Mr. Shuster may in the future take such actions in
respect of his holdings in IMCC as he may deem appropriate based on
his assessment of market conditions and any other conditions he
considers relevant at the time, including the purchase of
additional Common Shares through open market or privately
negotiated transactions or the sale of all or a portion of his
holdings in the open market or in privately negotiated transactions
to one or more purchasers, subject in each case to applicable
securities laws.
A copy of the related early warning report filed by Mr. Shuster
under applicable Canadian securities legislation in connection with
his shareholdings in IMCC may be found at www.sedar.com under
IMCC's profile. For further information, or to obtain a copy of the
early warning report, please contact Oren
Shuster at 972-54-6687515.
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SOURCE IM Cannabis Corp.