MXC.L Share Price (MXC)

I suspect this is market speak for gone bust.

MXC share suspension will be lifeted on April 10th.

They will resume trading under the SE ticker RGT.

Um, shares have been halted. Anyways nowt to see here now, just awaiting the final winding up process...

All very quiet here....

28 March 2024

ASX Code: MXC

LSE Code: MXC

Refinancing of Convertible Securities Agreement

MGC Pharmaceuticals Ltd (‘MGC Pharma’ or ‘the Company’) wishes to advise that it has executed a

Deed of Variation with Mercer Street Global Opportunity Fund, LLC (Mercer) in respect of the convertible

securities agreement entered into between the Company and Mercer in 2020. This includes the

refinancing of 500,000 convertible notes from the 2020 convertible note facility (Notes) which totals

$2,100,000. A commercial agreement has been reached by which the minimum conversion price of the

Notes has been reduced from not less than $10.00 to not less than $0.35. Further details in respect of

the variation to the Notes are set out below.

Variation to 2020 Convertible Securities Agreement

As announced on 10 September 2020, the Company entered into an agreement with Mercer (2020

Agreement), whereby Mercer conditionally agreed to provide the Company with up to $15 million in

funding, via subscriptions for convertible notes in the Company with a face value of AUD$1.00 each.

As at the date of this announcement 2,100,000 convertible notes pursuant to the terms of the 2020

Agreement remain on issue.

The Company and Mercer have agreed to amend the minimum conversion price of 500,000 Notes under

the 2020 Agreement (which had amendments approved at a meeting of Shareholders1

) from “not less

than $10.00” (post consolidation) to “not less than $0.35” (post consolidation). The issue of any

conversion shares as a result of the amendment of the minimum conversion price will be made under

the Company’s existing placement capacity under Listing Rule 7.1.

The Company intends to reach additional agreements with Mercer to amend the terms of the remaining

2020 convertible note facility and the 2022 convertible note facility2

.

—Ends—