The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMXC.L Regulatory News (MXC)

  • There is currently no data for MXC

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

MGC Pharma Launches Share Purchase Plan

1 Aug 2023 08:56

RNS Number : 8932H
MGC Pharmaceuticals Limited
01 August 2023
 

1 August 2023

 

ASX Code: MXC

LSE Code: MXC

MGC Pharmaceuticals Ltd

MGC Pharma Launches Share Purchase Plan

MGC Pharmaceuticals Ltd ("MGC Pharma", "MGC" or the "Company") is pleased to announce a Share Purchase Plan ("SPP") for its Australian shareholders to raise up to $2,685,728.

The Company proposes to offer each shareholder with a registered address in Australia ("Eligible Shareholders") as at 5:00pm (AWST) on 31 July 2023 ("Record Date") an opportunity to subscribe for up to A$30,000 of new fully paid ordinary shares in the Company ("SPP Shares"), together with one (1) free attaching SPP Option (defined below) for every 2 SPP Shares subscribed for, by way of a SPP.

The issue price of the SPP Shares will be $0.0023 per SPP Share (0.23c), representing a 14.56% discount to the 5-day VWAP for the last 5 trading days prior to this announcement, ($0.00269) and a 23.3% discount to today's closing price of $0.003. The issue price of 0.23c per SPP Share is at the same price for Australian shareholders as the recently completed placement in the United Kingdom, as announced on 14 July 2023. As stated above, Eligible Shareholders will also be offered 1 free attaching option (with an exercise price of $0.003 (0.30c) and an expiry date of 31 July 2026) for every 2 SPP Shares subscribed for and issued under the SPP ("SPP Options").

The issue of the SPP Options is subject to shareholder approval to be sought at an upcoming general meeting of the Company ("General Meeting") and the SPP Shares will be issued pursuant to a prospectus to be released to the ASX in the coming days. If shareholder approval is not obtained at the General Meeting, the issue of the SPP Options will not proceed. Under the SPP, each Eligible Shareholder who held Shares in the Company at the Record Date will be entitled to acquire SPP Shares up to the value of $30,000, together with one (1) SPP Option for every 2 Shares subscribed for.

Mr Roby Zomer, Managing Director and CEO of the Company, intends to participate in the SPP for up to $30,000 worth of SPP Shares, together with one (1) SPP Option for every 2 Shares subscribed for. The issue of SPP Options to Mr Zomer is subject to shareholder approval to be sought at the General Meeting.

Whilst the Company intends to raise $2,685,728 under the SPP, MGC reserves the right to scale back applications under the SPP.

The capital raised under the SPP will be used for production, raw material and laboratory costs associated with production of the Company's lead GMP cannabinoid medicines CannEpil and CogniCann, as well as to service existing debt, corporate and audit costs and ongoing working capital.

The SPP Shares to be issued will rank equally with existing MGC shares.

An indicative timetable for the capital raising is set out below:

SPP record date

31 July 2023 at 5:00pm (WST)

Lodgement of SPP prospectus with ASIC and ASX

3 August 2023

SPP offer opening date

4 August 2023

SPP offer closing date

18 August 2023

Issue of SPP offer shares

24 August 2023

Shareholder approval to issue SPP options

5 September 2023

Issue of SPP offer options

6 September 2023

-Ends-

Authorised for release by the Managing Director, for further information please contact:

MGC Pharmaceuticals Ltd

Roby Zomer

CEO & Managing Director

+61 8 6555 2950

info@mgcpharma.co.uk

MGC Pharmaceuticals Ltd

Rowan Harland

Company Secretary

+61 8 6555 2950

info@mgcpharma.co.uk

UK IR/PR Advisers 

IFC Advisory

Graham Herring / Tim Metcalfe / Zach Cohen

+44 203 934 6630

mgcpharma@investor-focus.co.uk

UK Brokers

Oberon Capital

Aimee McCusker / Adam Pollock

+44 203 179 5300

aimeemccusker@oberoninvestments.com adampollock@oberoninvestments.com 

About MGC Pharma

MGC Pharmaceuticals Ltd (LSE: MXC, ASX: MXC) is a European based pharmaceutical company, focused on developing and supplying accessible and ethically produced plant derived medicines, combining in-house research with innovative technologies, with the goal of finding or producing treatments to for unmet medical conditions.

The Company's founders and executives are key figures in the global pharmaceuticals industry and the core business strategy is to develop and supply high quality plant inspired medicines for the growing demand in the medical markets in Europe, North America and Australasia.

MGC Pharma has a robust development pipeline targeting two widespread medical conditions and has further products under development.  

MGC Pharma has partnered with renowned institutions and academia to optimise the development of targeted plant derived medicines, to be produced in the Company's EU-GMP Certified manufacturing facilities. 

MGC Pharma has a growing patient base in Australia, the UK, Brazil and Ireland and has a global distribution footprint via an extensive network of commercial partners meaning that it is poised to supply the global market.

Follow us through our social media channels:

LinkedIn: MGC Pharmaceuticals Ltd.

Twitter: @MGC_Pharma

Facebook: @mgcpharmaceuticals

Instagram: @mgc_pharma

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IOEEAXPFESSDEEA
Date   Source Headline
28th Sep 20224:35 pmRNSPrice Monitoring Extension
28th Sep 20227:00 amRNSContravention of the TGA Advertising Code
23rd Sep 20227:00 amRNSUS$550,000 funding received under Mercer Facility
21st Sep 20227:00 amRNSCimetrA™ Dose Finding Study Interim Results
8th Sep 202212:47 pmRNSWebsite / Social Media update
6th Sep 202211:30 amRNSDispatch of General Meeting Documents
1st Sep 20227:00 amRNSPreliminary Financial Report for 30 June 2022
25th Aug 20227:00 amRNSFinal Payment for Malta GMP Manufacturing Plant
17th Aug 20227:00 amRNSAMC Holdings, Inc. places US$1M ArtemiC™ order
15th Aug 20227:00 amRNSCannEpil® Clinical Study on Driving Performance
11th Aug 202211:05 amRNSSecond Price Monitoring Extn
11th Aug 202211:00 amRNSPrice Monitoring Extension
8th Aug 202210:30 amRNSUpdated Investor Presentation
3rd Aug 20227:00 amRNSFirst Tranche of Mercer Street Funding Received
29th Jul 20227:00 amRNSUS$10m Financing Agreement with Mercer Street
28th Jul 20227:45 amRNSPurchase of Strategic 40% Stake in AI Software
25th Jul 20227:00 amRNSJune Quarterly Activities Report and Cash Flow
19th Jul 20227:00 amRNSChief Commercial Officer Appointment
14th Jul 20224:41 pmRNSSecond Price Monitoring Extn
14th Jul 20224:36 pmRNSPrice Monitoring Extension
14th Jul 20222:05 pmRNSSecond Price Monitoring Extn
14th Jul 20222:00 pmRNSPrice Monitoring Extension
14th Jul 202211:05 amRNSSecond Price Monitoring Extn
14th Jul 202211:00 amRNSPrice Monitoring Extension
14th Jul 20229:05 amRNSSecond Price Monitoring Extn
14th Jul 20229:00 amRNSPrice Monitoring Extension
14th Jul 20227:16 amRNSClinical Study results - patients with Long COVID
8th Jul 20227:00 amRNSApproval Granted for CimetrA Dose Finding Study
6th Jul 20228:00 amRNSLaunch of ZAM - Medical data App
27th Jun 20227:00 amRNSCimetrATM Pre-clinical Trial Progress Report
24th Jun 20227:00 amRNSUSA Market Update: CimetrA Clinical Trial Progress
16th Jun 20227:00 amRNSSuccessful Glioblastoma Pre-clinical Trial Results
6th Jun 20227:00 amRNSCogniCann© Phase II Clinical Trial Results
27th May 20221:08 pmRNSCompliance Filing of UK subsidiary FY21 Accounts
23rd May 202210:43 amRNSApplication for Admission to Trading
20th May 20227:00 amRNSAcademic Paper on Effect of ArtemiC™ Published
18th May 202212:06 pmRNSDirector/PDMR Shareholding
10th May 20227:01 amRNSCannEpil® Drug Delivery System Patent Approval
9th May 202212:28 pmRNSDirector/PDMR Shareholding
6th May 20223:08 pmRNSReplacement: Director/PDMR Shareholding
5th May 202211:10 amRNSDirector/PDMR Shareholding
4th May 20227:00 amRNSPartnership with HempStreet
29th Apr 20224:41 pmRNSSecond Price Monitoring Extn
29th Apr 20224:35 pmRNSPrice Monitoring Extension
29th Apr 202210:03 amRNSMarch Quarterly Activities Report and Cash Flow
26th Apr 20227:00 amRNSAppointment of new Chief Financial Officer
25th Apr 202211:08 amRNSApplication for Admission to Trading
21st Apr 20227:00 amRNSCimetrA™ Patent Approved by European IP Office
12th Apr 20228:36 amRNSPerformance Rights and Change of CFO
7th Apr 202210:35 amRNSDirector/PDMR Shareholding

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.