TORONTO and GLIL YAM,
Israel, Jan. 17, 2023 /PRNewswire/ -- Rafael Gabay (the "Acquiror"), CEO,
director and founder of IM Cannabis Corp. ("IMCC" or the
"Company") (CSE: IMCC) (NASDAQ: IMCC), announces that he has
acquired an aggregate of 303,295 common shares in the capital of
the Company ("Common Shares") and 303,295 Warrants (as
hereinafter defined) pursuant to a non-brokered private placement
offering of units ("Units") of the Company (the
"Offering").
On January 16, 2023, the Acquiror
acquired an aggregate of 303,295 Units pursuant to the Offering
(the "Acquisition"). Each Unit was acquired for US$1.25 for aggregate consideration of
US$379,118.75. Each Unit consisted of
one Common Share and one Common Share purchase warrant (each, a
"Warrant"), with each Warrant entitling the holder to
purchase one additional Common Share at an exercise price of
US$1.50 until January 16, 2026.
Immediately prior to the Acquisition, the Acquiror beneficially
owned or controlled 870,421 Common Shares, representing
approximately 11.5% of the Company's issued and outstanding Common
Shares on a non-diluted basis (based on 7,569,526 Common Shares
then issued and outstanding). As a result of the Acquisition, the
Acquiror now beneficially owns or controls an aggregate of
1,173,716 Common Shares, representing approximately 12.9% of the
Company's issued and outstanding Common Shares on a non-diluted
basis (based on 9,129,525 Common Shares issued and outstanding as
of the date hereof).
Immediately prior to the Acquisition, the Acquiror beneficially
owned or controlled nil securities convertible into Common Shares.
As a result of the Acquisition, the Acquiror now beneficially owns
or controls an aggregate of 303,295 securities convertible into
Common Shares, representing the right to acquire an additional
approximately 3.2% of the Company's issued and outstanding Common
Shares on a partially diluted basis (based on 9,129,525 Common
Shares issued and outstanding as of the date hereof).
If the Acquiror were to exercise his securities convertible or
exercisable for Common Shares, including the Warrants acquired
pursuant to the Acquisition, he would own or control an aggregate
of 1,477,011 Common Shares, representing 15.7% of the issued and
outstanding Common Shares on a partially diluted basis.
The Acquiror acquired the securities for general investment
purposes only. The Acquiror 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.
Since the previous early warning report filed by the Acquiror in
respect of the Company, the Acquiror acquired securities
convertible into more than 2% of the issued and outstanding Common
Shares, which triggered the requirement to file an early warning
report under applicable Canadian Securities legislation (the
"Early Warning Report").
A copy of the Early Warning Report 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 Rafael Gabay at 972 54735000.
Logo -
https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/rafael-gabay-acquires-securities-of-im-cannabis-corp-301723367.html