08:13 AM EDT, 10/04/2024 (MT Newswires) -- IM Cannabis ( IMCC ) , a medical cannabis company, said on Friday that it will raise up to US$1.6 million through a private placement of 625,000 units. The offer price hasn't been determined yet.

Each unit will be comprised of one share and one 24-month warrant, which can buy another share at price equal to a 50% premium to the offering price. The offering is expected to close by November 11.

The offering, which is expected to close in one or more tranches, will be led by IM's management team, including Chief Executive and Chairman Oren Shuster and Shmulik Arbel a director.

Proceeds will be used to repay a loan extended to an IM subsidiary, the company said.