MGC Pharmaceuticals Limited Capital Consolidation and US$7.9m Placement (7958S)
November 08 2023 - 4:00AM
UK Regulatory
TIDMMXC
RNS Number : 7958S
MGC Pharmaceuticals Limited
08 November 2023
MGC Pharmaceuticals Ltd.
Capital Consolidation and US$7.9m Placement Completed
8 November 2023
ASX, LSE: MXC
MGC Pharmaceuticals Ltd (MGC Pharma, MGC or the Company), 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 at a General Meeting held on 25 October 2023, the
consolidation of the Company's total issued capital on a 1:1,000
basis (Consolidation) has been completed, along with the settlement
of the US$7.9m share placement (Placement) as announced on 1
November 2023.
Upon completion of the Consolidation and Placement, the
Company's capital structure will consist of the below:
Class of Securities Number of Securities
Fully Paid Ordinary Shares 35,430,491
---------------------
Unlisted options exercisable at US$0.32 on or before
7 November 2028 15,500,000
---------------------
Unlisted options (various ex. price from GBP1.20
to A$13.00, April 2024-July 2026) 858,824
---------------------
Performance Rights 18,400
---------------------
Convertible Notes (Mercer Opportunities Fund) 7,306,432
---------------------
As previously announced on 1 November 2023, the Company would
like to clarify that following the Consolidation and Placement,
only 3,067,543 ordinary shares were be admitted to the Financial
Conduct Authority's Official List and to trading on the Main Market
of London Stock Exchange plc. The remaining 32,362,948 ordinary
shares (post completion of the Placement) that have not being
admitted to trading were issued to the Australian market and are
trading on the Australian Stock Exchange. These remaining ordinary
shares are anticipated to be admitted to the Financial Conduct
Authority's Official List and to trading on the Main Market of
London Stock Exchange plc in due course and in accordance with the
applicable regulatory timeframe under the FCA Listing Rules.
Voting Rights
The Company has 35,430,491 ordinary shares in issue, each with
one voting right. Therefore, the Company ' s total number of shares
on issue and voting rights is 35,430,491. This may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA ' s
Disclosure Guidance and Transparency Rules.
Roby Zomer, Managing Director and CEO of MGC Pharma, commented:
"I am delighted to announce that the Company has successfully
concluded its full capital restructuring and refinancing, thanks to
the backing of a number of strategic, high net worth investors from
the United States and Europe. These individuals fully understand
the Company's long-term potential and are committed to supporting
its operations, execution of the business plan to maximise the MGC
Pharma enterprise value and shareholder returns. As of today, our
Company is now fully funded and well-positioned to proceed with the
execution of its pharmaceutical work plan for 2024."
- Ends-
Authorised for release by the Board of Directors, for further
information please contact:
MGC Pharmaceuticals Ltd MGC Pharmaceuticals Ltd
Roby Zomer Rowan Harland
CEO & Managing Director Company Secretary
+61 8 6555 2950 +61 8 6555 2950
info@mgcpharma.co.uk info@mgcpharma.co.uk
UK IR/PR Advisers UK Brokers
IFC Advisory Oberon Capital
Graham Herring / Tim Metcalfe / Aimee McCusker / Adam Pollock
Zach Cohen +44 203 179 5300
+44 203 934 6630 aimeemccusker@oberoninvestments.com
mgcpharma@investor-focus.co.uk adampollock@oberoninvestments.com
About MGC Pharma
MGC Pharmaceuticals Ltd (LSE: MXC, ASX: MXC) is a prominent
European pharmaceutical company with a strong commitment to
creating accessible and ethically produced cutting-edge medicines.
Our approach combines in-house research with innovative
technologies, all aimed at discovering and producing treatments for
currently unmet medical conditions.
The company's founders and executives are distinguished figures
in the global pharmaceutical industry. Our central business
strategy revolves around the development and supply of innovative
medicines, responding to the increasing demand in the medical
markets of Europe, North America, and Australasia.
MGC Pharma maintains a robust development pipeline that
addresses two prevalent medical conditions, with additional
products currently in the developmental stages. We've established
strategic partnerships with renowned institutions and academia,
fostering the optimization of our medicines' development. These
medicines are produced in our EU-GMP Certified manufacturing
facilities, ensuring the highest quality standards.
With a growing patient base in key regions like the USA, UK,
Australia, and Ireland, MGC Pharma has also built a global
distribution network through a wide-reaching group of commercial
partners. This extensive network places us in a prime position to
supply the global market effectively.
Follow us through our social media channels:
LinkedIn: MGC Pharmaceuticals Ltd.
Twitter: @MGC_Pharma
Facebook: @mgcpharmaceuticals
Instagram: @mgc_pharma
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