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TORONTO, and GLIL YAM, Israel, Feb. 16, 2023 /PRNewswire/ -- IM Cannabis Corp. (the "Company" or "IMC") (NASDAQ: IMCC) (CSE: IMCC), an international medical cannabis company, is pleased to announce that it has closed a fifth and final tranche of its previously announced non-brokered private placement offering of units of the Company (each a "Unit") pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (the "LIFE Offering"). An aggregate of 505,798 Units at a price of US$1.25 per Unit for aggregate proceeds of US$632,247.50 were issued and sold under the fifth tranche of the LIFE Offering. In addition, a non-independent director of the Company subscribed for 29,548 Units at an aggregate subscription price of US$36,935. The director's subscription price was satisfied by the settlement of US$36,935 in debt owed by the Company to the director for certain consulting services previously rendered by the director to the Company. Each Unit consisted of one common share of the Company (each a "Common Share") and one Common Share purchase warrant (each a "Warrant") at a price of US$1.25 per Unit. Each Warrant entitles its holder to purchase one additional Common Share at an exercise price of US$1.50 for a period of 36 months from the date of issue. The securities were offered for sale to purchasers resident in Canada (except Quebec) and/or other qualifying jurisdictions and are not subject to any statutory hold period in accordance with applicable Canadian securities laws.