MGC Pharmaceuticals Ltd (LON:MXC) a European based pharmaceutical company specialising in the production and development of innovative medicines for unmet medical needs, is pleased to announce that following shareholder approval for a new share placement secured at the Company’s General Meeting on 25th October 2023, the Company confirms that it has received binding commitments from sophisticated and professional investors to subscribe for US$7.9 million of new shares under the Placement, at an issue price of US$0.255 (A$0.40)[1] per share (on a post-Consolidation basis).
The issue of shares under the Placement is anticipated to occur in the next week, post completion of the 1:1000 consolidation of capital, as approved by shareholders at the same General Meeting on 25th October. Participants in the Placement will also receive one free attaching option for every two shares subscribed for and issued. The options will be exercisable at US$0.32 (A$0.50) (on a post-Consolidation basis), with a five-year term and will otherwise be issued on the terms and conditions set out in Schedule 1 of the Notice of Meeting dated 26 September 2023.
