TORONTO and GLIL YAM,
Israel, Sept. 8, 2022 /PRNewswire/ -- Rafael Gabay,
a promoter and significant shareholder of IM Cannabis Corp.
("IMCC" or the "Company") (CSE: IMCC) (NASDAQ: IMCC),
announces that he has acquired an aggregate of 613,496 common
shares in the capital of IMCC (the "Common Shares") as part
of IMCC's non-brokered private placement of 4,887,496 Common Shares
at a price of USD$0.50 per Common
Share for aggregate proceeds of USD$2,443,748 (the "Private Placement").
Mr. Gabay paid aggregate cash consideration of USD$306,000 ($397,279.80 based on the Bank of Canada daily average exchange rate on
August 24, 2022).
Immediately prior to the Private Placement, Mr. Gabay held
beneficial ownership of, or control or direction over, 8,090,720
Common Shares, representing 11.61% of the issued and outstanding
Common Shares on a non-diluted basis. As a result of the Private
Placement, Mr. Gabay now holds beneficial ownership of, or control
or direction over, an aggregate of 8,704,216 Common Shares,
representing approximately 11.67% of the issued and outstanding
Common Shares on a non-diluted basis. Mr. Gabay acquisition of
Common Shares as part of the Private Placement, result change in
Mr. Gabay's share ownership position greater than 2% from Mr.
Gabay's last early warning report that was filed on October 16, 2019 (the "Previous EWR") in
which he reported the beneficial ownership of 22.34% of the
then-issued and outstanding Common Shares on a non-diluted basis.
The decrease in Mr. Gabay's share ownership since the Previous EWR
was due primarily to a series of Common Share treasury
issuances by the Company that diluted Mr. Gabay's last reported
position.
Mr. Gabay acquired the Common Shares for general investment
purposes only. Mr. Gabay 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. Gabay
under applicable Canadian securities legislation in connection with
his shareholdings in IMCC may be found at www.sedar.com under
IMCC's profile.
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