<SEC-DOCUMENT>0001178913-23-000350.txt : 20230202
<SEC-HEADER>0001178913-23-000350.hdr.sgml : 20230202
<ACCEPTANCE-DATETIME>20230202083004
ACCESSION NUMBER:		0001178913-23-000350
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230202
FILED AS OF DATE:		20230202
DATE AS OF CHANGE:		20230202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IM Cannabis Corp.
		CENTRAL INDEX KEY:			0001792030
		STANDARD INDUSTRIAL CLASSIFICATION:	MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40065
		FILM NUMBER:		23578882

	BUSINESS ADDRESS:	
		STREET 1:		1 ADELAIDE STREET EAST, UNIT 801
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 2V9
		BUSINESS PHONE:		416-256-4202

	MAIL ADDRESS:	
		STREET 1:		1 ADELAIDE STREET EAST, UNIT 801
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 2V9
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2329107.htm
<DESCRIPTION>6-K
<TEXT>
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      </font></div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">UNITED STATES</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><br>
      </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><br>
      Washington, D.C. 20549<br>
        <br>
        <font style="font-weight: bold; font-size: 14pt;">Form 6-K</font><br>
        <br>
        <font style="font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</font><br>
        <font style="font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">For the month of <font style="font-weight: bold;"><u>February 2023</u></font>.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Commission File Number: <font style="font-weight: bold;"><u>001-40065</u></font></div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br>
      <font style="font-weight: bold; font-size: 16pt;"><u>IM Cannabis Corp.</u></font><br>
      (Exact Name of Registrant as Specified in Charter)<br>
      <br>
      <font style="font-weight: bold;"><u>Kibbutz Glil Yam, Central District, Israel 4690500</u></font><br>
      (Address of principal executive offices)</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Form 20-F &#9746; &#160; &#160; &#160; Form 40-F &#9744;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">Note</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">Note</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish
        and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are
        traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K
        submission or other Commission filing on EDGAR.</font></div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SIGNATURE</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
      report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
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            <div style="line-height: 1.25;">&#160;</div>
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          <td style="vertical-align: middle; font-family: 'Times New Roman',Times,serif;" colspan="2">
            <div style="line-height: 1.25; font-weight: bold;">IM CANNABIS CORP.</div>
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            <div style="line-height: 1.25;">&#160;</div>
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            <div style="line-height: 1.25;">&#160;</div>
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          <td style="vertical-align: middle; font-family: 'Times New Roman',Times,serif;" colspan="2">
            <div style="line-height: 1.25;">(Registrant)</div>
          </td>
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            <div style="line-height: 1.25;">&#160;</div>
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            <div style="line-height: 1.25;">&#160;</div>
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            <div style="line-height: 1.25;">&#160;</div>
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            <div style="line-height: 1.25;">&#160;</div>
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            <div style="line-height: 1.25;">Date:</div>
          </td>
          <td style="width: 45%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25;">February 2, 2023</div>
          </td>
          <td style="width: 4%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25;">By:</div>
          </td>
          <td style="width: 46%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; font-style: italic;">/s/ Oren Shuster</div>
          </td>
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            <div style="line-height: 1.25;">&#160;</div>
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          <td style="width: 4%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25;">Name:</div>
          </td>
          <td style="width: 46%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25;">Oren Shuster</div>
          </td>
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            <div style="line-height: 1.25;">&#160;</div>
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            <div style="line-height: 1.25;">&#160;</div>
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          <td style="width: 4%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25;">Title:</div>
          </td>
          <td style="width: 46%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25;">Chief Executive Officer and Director</div>
          </td>
        </tr>

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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>EXHIBIT INDEX</u></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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            <div style="line-height: 1.25;"><a href="exhibit_99-1.htm">99.1</a></div>
          </td>
          <td style="width: 95%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25;"><a href="exhibit_99-1.htm">News Release dated January 31, 2023</a></div>
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            <div style="line-height: 1.25;"><a href="exhibit_99-2.htm">99.2</a></div>
          </td>
          <td style="width: 95%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25;"><a href="exhibit_99-2.htm">Material Change Report dated February 2, 2023</a></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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        <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"><u><font style="font-weight: bold;">Exhibit 99.1</font></u><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE<br>
      UNITED STATES</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">IM Cannabis Closes Third Tranche of LIFE Offering</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: Calibri, sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">Toronto, Ontario and Glil Yam, Israel -
        January 31, 2023</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"> &#8211; IM Cannabis Corp. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221; or &#8220;<font style="font-weight: bold;">IMC</font>&#8221;) (NASDAQ: IMCC)
        (CSE: IMCC), an international medical cannabis company, is pleased to announce that it has closed a third tranche of its previously announced non-brokered private placement offering of units of the Company (each a "<font style="font-weight: bold;">Unit</font>")
        pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 &#8211; <font style="font-style: italic;">Prospectus Exemptions</font> (the &#8220;<font style="font-weight: bold;">LIFE Offering</font>&#8221;). An aggregate of 1,162,000
        Units at a price of US$1.25 per Unit for aggregate gross proceeds of US$1,452,500 were issued and sold under the third tranche of the LIFE Offering.&#160; Each Unit consisted of one common share of the Company (each a "<font style="font-weight: bold;">Common
          Share</font>") and one Common Share purchase warrant (each a "<font style="font-weight: bold;">Warrant</font>"). 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.</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Company has now closed on an aggregate of 3,479,171 Units on a combined basis under the LIFE Offering and a non-brokered,
      insider-led private placement offering concurrent to the LIFE Offering (the &#8220;<font style="font-weight: bold;">Concurrent Offering</font>&#8221;) for aggregate gross proceeds of US$4,348,963.75, such amount exclusive of 102,152 Units issued to a director of
      the Company in a previous tranche of the LIFE Offering whose subscription price was satisfied by the settlement of US$127,690 in debt owed by the Company to the director.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The securities issued under the LIFE Offering are not subject to any statutory hold period in accordance with applicable
      Canadian securities laws. The Company may close additional tranches of the LIFE Offering but in no event shall the final tranche close later than March 2, 2023. The securities sold under the Concurrent Offering were offered for sale to purchasers
      resident in Canada and certain offshore jurisdictions pursuant to available prospectus exemptions and are subject to a 4 month statutory hold period in accordance with applicable Canadian securities laws.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In connection with the completion of the third tranche of the LIFE Offering, the Company paid to an eligible finder a cash
      finder&#8217;s fee equal to US$67,500, representing 5% of the aggregate gross proceeds received from purchasers who were introduced to the Company by such finder and who participated in the third tranche of the LIFE Offering.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Company intends to use the net proceeds from the LIFE Offering and Concurrent Offering for general working capital purposes.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any
      of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful.&#160; The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">U.S.
        Securities Act</font>&#8221;), or any state securities laws. Accordingly, the Units may not be offered or sold within the United States, its territories or possessions, any state of the United States or the District of Columbia (collectively, the &#8220;<font style="font-weight: bold;">United States</font>&#8221;) or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) except in transactions exempt from the registration requirements of the
      U.S. Securities Act and applicable securities laws of any state of the United States.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Forward-Looking Statements</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; font-family: Calibri, sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">This press release contains forward-looking information or
          forward-looking statements under applicable Canadian and U.S. securities laws (collectively, &#8220;</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">forward-looking statements</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#8221;). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are
          often, but not always, identified by the use of words such as &#8220;seek&#8221;, &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;plan&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;likely&#8221; and &#8220;intend&#8221; and statements that an event or result &#8220;may&#8221;, &#8220;will&#8221;, &#8220;should&#8221;, &#8220;could&#8221; or &#8220;might&#8221; occur or be
          achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to,
          statements regarding the closing of additional tranches of the LIFE Offering, the anticipated use of net proceeds from the LIFE Offering and Concurrent Offering and the strategic plans of the Company.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited, the anticipated
        increase in demand for medical and adult-use recreational cannabis in the markets in which the Company operates; the Company&#8217;s satisfaction of international demand for its products; the Company&#8217;s ability to implement its growth strategies and
        leverage synergies of acquisitions; the Company&#8217;s ability to reach patients through e-commerce and brick and mortar retail operations; the development and introduction of new products; the ability to import and the supply of premium and indoor
        grown cannabis products from the Company&#8217;s Canadian subsidiaries and third-party suppliers and partners; the changes and trends in the cannabis industry; the Company&#8217;s ability to maintain and renew or obtain required licenses; the ability to
        maintain cost-efficiencies and network of suppliers to maintain purchasing capabilities; the effectiveness of its products for medical cannabis patients and recreational consumers; future cannabis pricing and input costs; cannabis production
        yields; and the Company&#8217;s ability to market its brands and services successfully to its anticipated customers and medical cannabis patients.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address
        future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and
        risks. These include: the ability of the Company to close the offerings<font style="color: rgb(26, 26, 26);">; </font>general business risk and liability, including claims or complaints in the normal course of business; any failure of the Company
        to maintain &#8220;de facto&#8221; control over Focus Medical in accordance with IFRS 10; potential limitations on stockholdings of the Company in connection with its subsidiaries&#8217; engagement in the Israeli medical cannabis market; the ability and/or need to
        obtain additional financing for continued operations on terms acceptable to the Company; the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and
        regulations in the jurisdictions in which the Company operates; the Company&#8217;s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good
        standing or renew its licenses; the ability of the Company to integrate each of its acquisitions into the Company&#8217;s operations and realize the anticipated benefits and synergies of each such transaction and the timing thereof and the focus of
        management on such integration; any potential undisclosed liabilities of entities acquired by the Company that were unidentified during the due diligence process; the interpretation of Company&#8217;s acquisitions of companies or assets by tax
        authorities or regulatory bodies, including but not limited to the change of control of licensed entities; the ability of the Company and Focus Medical to deliver on their sales commitments or growth objectives; the reliance of the Company and
        Focus Medical (collectively, the &#8220;<font style="font-weight: bold;">Group</font>&#8221;) on third-party supply agreements and its ability to enter into additional supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group&#8217;s
        obligations; the Group&#8217;s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing
        competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product
        liability and other safety-related liability from the usage of the Group&#8217;s cannabis products; supply chain constraints; competition; reliance on key personnel; the Company&#8217;s ability to continue as a going concern; the risk of defaulting on existing
        debt and war and civil conflict in Eastern Europe and the Middle East. &#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Please see the other risks, uncertainties and factors set out under the heading &#8220;Risk Factors&#8221; in the Company&#8217;s management&#8217;s
        discussion and analysis dated November 14<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 2022 and annual information form dated March 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2022 filed with the Canadian securities regulators and which are available on the Company&#8217;s issuer profile on SEDAR at&#160;<font style="color: rgb(5, 99, 193);"><u>www.sedar.com</u></font> and on EDGAR at <font style="color: rgb(5, 99, 193);"><u>www.sec.gov</u></font>. Any forward-looking statement included in this press release is made as of the date of this press
        release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company 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. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit_99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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    <div style="text-align: center;"><font style="font-weight: bold;">FORM 51-102F3</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">MATERIAL CHANGE REPORT</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Item 1&#160;&#160; &#8212;</font><font style="font-family: 'Times New Roman',Times,serif;">&#160; <font style="font-weight: bold;">Name and Address of Company</font></font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">IM Cannabis Corp. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;)<br>
      Suite 2300 &#8211; 550 Burrard Street</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Vancouver, BC, Canada, V6C 2B5</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Item 2 &#160; &#8212;</font><font style="font-family: 'Times New Roman',Times,serif;">&#160; <font style="font-weight: bold;">Date of Material Change</font></font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The date of the material change was January 30, 2023.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Item 3&#160;&#160; &#8212;</font><font style="font-family: 'Times New Roman',Times,serif;">&#160; <font style="font-weight: bold;">News Release</font></font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The news release disclosing the material change was issued by the Company through the services of Canada Newswire on January 31,
      2023 and subsequently filed on the Company&#8217;s SEDAR profile at <font style="color: rgb(0, 0, 255);"><u>www.sedar.com</u></font>.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Item 4&#160;&#160; &#8212;</font><font style="font-family: 'Times New Roman',Times,serif;">&#160; <font style="font-weight: bold;">Summary of Material Change</font></font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Company announced&#160; the closing of the third tranche of its non-brokered offering of units of the Company (&#8220;<font style="font-weight: bold;">Units</font>&#8221;), which were offered and sold pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 &#8211;&#160;<font style="font-style: italic;">Prospectus Exemptions</font> (the &#8220;<font style="font-weight: bold;">LIFE Offering</font>&#8221;). An aggregate of 1,162,000 Units at a price of US$1.25 per Unit for aggregate gross proceeds of US$1,452,500 were issued and sold under the third tranche of the LIFE Offering. The securities that
      were issued pursuant to the LIFE Offering are not subject to any statutory hold period in accordance with applicable Canadian securities laws.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Item 5&#160; &#8212;</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;&#160; <font style="font-weight: bold;">Full Description of Material Change</font></font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">5.1 &#8211; Full Description of Material Change</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The Company announced&#160; the closing of the third tranche of its LIFE Offering of 1,162,000 Units at a price of US$1.25 per Unit
      for aggregate gross proceeds of US$1,452,500.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Each Unit consisted of one common share of the Company (each, a &#8220;<font style="font-weight: bold;">Common Share</font>&#8221;) and one
      Common Share purchase warrant (each, a &#8220;<font style="font-weight: bold;">Warrant</font>&#8221;). 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
      Units in the LIFE Offering were offered for sale to purchasers resident in Canada (except Quebec) and/or other qualifying jurisdictions.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The securities issued under the LIFE Offering are not subject to any statutory hold period in accordance with applicable
      Canadian securities laws. The Company may close additional tranches of the LIFE Offering but in no event shall the final tranche close later than March 2, 2023.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In connection with the completion of the third tranche of the LIFE Offering, the Company paid to an eligible finder a cash
      finder&#8217;s fee equal to US$67,500, representing 5% of the aggregate gross proceeds received from purchasers who were introduced to the Company by such finder and who participated in the third tranche of the LIFE Offering. The Company intends to use the
      net proceeds from the LIFE Offering for general working capital purposes.</div>
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    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">This material change report does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any
      sale of any of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Units, Common Shares, Warrants and common shares issuable on exercise of the Warrants (&#8220;<font style="font-weight: bold;">Warrant Shares</font>&#8221;)
      have not been and will not be registered under the United States Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">U.S. Securities Act</font>&#8221;), or any state securities laws. Accordingly, the Units, Common Shares, Warrants and
      Warrant Shares may not be offered or sold within the United States, its territories or possessions, any state of the United States or the District of Columbia (collectively, the &#8220;<font style="font-weight: bold;">United States</font>&#8221;) or to, or for
      the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable securities laws of any state of
      the United States.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">5.2 &#8211; Disclosure for Restructuring Transactions</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Not applicable.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Item 6&#160;&#160; &#8212;</font><font style="font-family: 'Times New Roman',Times,serif;">&#160; <font style="font-weight: bold;">Reliance on subsection&#160;7.1(2) of National Instrument&#160;51&#8209;102</font></font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Not applicable.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Item 7 &#160; &#8212;</font><font style="font-family: 'Times New Roman',Times,serif;">&#160; <font style="font-weight: bold;">Omitted Information</font></font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Not applicable.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Item 8&#160;&#160; &#8212;</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;&#160; <font style="font-weight: bold;">Executive Officer</font></font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Yael Harrosh</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Chief Legal and Operations Officer</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">+972-54-6687515</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Item 9 &#160; &#8212;</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;&#160; <font style="font-weight: bold;">Date of Report</font></font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">February 2, 2023</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; text-align: center;"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
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