IM Cannabis Corp. (formerly Navasota Resources) Announces Conditional Listing Approval on the CSE
Toronto, Ontario--(Newsfile Corp. - October 8, 2019) - IM Cannabis Corp. (formerly Navasota Resources Inc.) (the "Company") is pleased to announce that it has received conditional listing approval to list the common shares of the Company ("Common Shares") on the Canadian Securities Exchange (the "CSE"). The listing is subject to the Company fulfilling certain requirements of the CSE in accordance with the terms of its conditional approval letter including the completion of its previously announced reverse take-over transaction with IMC Holdings Ltd. ("IMC"), an Israeli-based international medical cannabis company (the "Transaction"). Closing of the Transaction is expected to occur on or about October 10, 2019. Upon completion of the Transaction, the resulting issuer from the Transaction (the "Resulting Issuer") will change its business from mining to the medical cannabis industry.
The Common shares will trade under the trading symbol "IMCC". The date on which the commencement of trading of the Common Shares on the CSE will be announced at a later date.
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.
About the Company
The Company is a mineral exploration company with no current activities or operations and is not currently listed on a stock exchange.
All information contained in this press release with respect to the Company and IMC was supplied by the parties respectively, for inclusion herein, and each party and its directors and officers have relied on the other party for any information concerning the other party.
The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
For additional information on the Company:
Chief Financial Officer & Director
For additional information on I.M.C. Holdings Ltd:
Chief Executive Officer
Telephone: +972 54-433-1111
This news release contains "forward-looking information" within the meaning of applicable securities laws including statements regarding the expected closing of the Transaction and the listing of the Common Shares as well as information relating to IMC and the Resulting Issuer. The information about IMC contained in the press release has not been independently verified by the Company. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risk that a closing condition to the Transaction is not satisfied or is not satisfied on a timely basis including, without limitation, the failure to obtain all requisite Israeli regulatory approvals. The statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, IMC, their securities, or their respective financial or operating results (as applicable).
Not for distribution to United States newswire services or for dissemination in the United States.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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