TORONTO and GLIL YAM, ISRAEL, Nov. 1, 2019 /CNW/ - IM Cannabis Corp. (the "Company" or "IMC"), one of the world's pioneering medical cannabis companies with operations across Europe, is pleased to announce that its common shares are set to commence trading on November 5, 2019 under the ticker "IMCC" on the Canadian Securities Exchange (the "CSE"). In accordance with the policies of the CSE, the Company has filed its CSE Form 2A Listing Statement on SEDAR, which provides for additional information regarding the Company's business, operations, capital and management. IMC will become the first Israeli medical cannabis operator to become publicly listed in Canada. The listing follows the recent completion of its reverse takeover by Israeli-based IMC Holdings Ltd. that included a private placement offering of subscription receipts for gross proceeds of approximately CAD$20.4 million.
The Company also announces that it has entered into an investor relations agreement (the "IR Agreement") with LodeRock Advisors Inc., ("LodeRock") a company existing under the laws of the Province of Ontario with its offices in Toronto, Ontario, Canada. Pursuant to the terms of the IR Agreement, the Company will pay LodeRock a monthly retainer fee of $12,000. In addition, the Company has granted LodeRock 350,000 incentive stock options at a strike price of $1.05 per share. The Services Agreement can be terminated on thirty (30) days written notice.
About IM Cannabis Corp.
IMC is an international medical cannabis company, and a well-known Israeli brand of medical cannabis products. In Europe, IMC is establishing a fully operational, vertically integrated medical cannabis business spearheaded by its distribution arm in Germany and augmented by strategic agreements with certified EU-GMP Standard suppliers, making it one of the only medical cannabis companies with fully integrated operations in Europe. IMC intends to leverage IMC's brand to establish a foothold in emerging medical cannabis markets including Germany, Portugal and Greece. IMC's core Israeli business includes offering branding, know-how and other intellectual property-related services to the Israeli medical cannabis market. Its key assets in Israel include commercial agreements with licensed producers and an option to purchase licensed entities. IMC has developed proprietary processes in its operations and is active in developing innovative technologies for global medical cannabis consumers.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements are 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 other similar expressions. The forward-looking statements in this press release include statements relating to the date of the commencement of trading of the Common Shares on the CSE. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements, including, without limitation: the ability of the Company to comply with applicable government regulations in a highly regulated industry; unexpected changes in governmental policies and regulations affecting the production, distribution, manufacture or use of medical cannabis in Israel, Germany, Spain, Portugal, Greece or any other foreign jurisdictions in which the Company intends to operate; reliance on management; inconsistent public opinion and perception regarding the use of cannabis; engaging in activities considered illegal under US federal law; political instability and conflict in the Middle East; adverse market conditions; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; currency fluctuations; competition; and loss of key management and/or employees. Please see the Company's Form 2A Listing Statement for additional related risks factors that could materially affect the Company's operations and financial results. The Corporation does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
SOURCE IM Cannabis Corp.