MGC Pharmaceuticals - Fundraise closed raising a total of £2,090,890

Argent BioPharma

13/04/2023 07:00

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RNS Number : 0968W  MGC Pharmaceuticals Limited  13 April 2023

MGC Pharmaceuticals Ltd.

Fundraise closed raising up to a total of

£2,090,890 (A$3,824,424)

13 April 2023

ASX, LSE: MXC

 

MGC Pharmaceuticals Ltd ("MGC Pharma" or the "Company"), a European based
pharmaceutical company specialising in the production and development of plant
inspired medicines, is pleased to announce that, further to the announcement
made on 11 April 2023, its fundraise round has now closed, conditionally
raising up to an aggregate of £2,090,890 (A$3,824,424) (before expenses).

Australian HNW Offer and UK Broker Option

In addition to the Placing Shares referred to in the announcement on 11 April
2023, the Company will issue 58,315,909 new Ordinary Shares ("New Ordinary
Shares") and 29,157,955 free attaching options ("Fundraise Options") to
placees pursuant to its offer to Australian sophisticated investors
("Australian HNW Offer") and the UK Broker Option, a facility to allow
subscription for New Ordinary Shares by qualifying existing shareholders of
the Company and other qualified investors in the United Kingdom on the same
basis as investors in the Placing announced on 11 April 2023. The issue of the
New Ordinary Shares under the Australian HNW Offer and the UK Broker Option
has raised in aggregate £256,590 (A$467,655) (before expenses) at a price of
0.44 pence (0.8 cents) per New Ordinary Share.

Each New Ordinary Share will rank pari passu with existing Ordinary Shares and
will be issued with one Fundraise Option for every two New Ordinary Shares
subscribed for and issued, each exercisable at 0.66 pence (or 1.2 cents) on or
before 12 April 2024.

Incorporating all the equity issues outlined in the announcement dated 11
April 2023 and in this announcement, the Company will issue all the new
Ordinary Shares and free attaching options as follows:

·      476,741,995 Ordinary Shares with shareholder approval under ASX
Listing Rule 7.1 obtained on 30 March 2023; and

·      238,370,997 Fundraise Options pursuant to existing placement
capacity under ASX Listing Rule 7.1.

Participating brokers will be receiving a fee of 5% on funds raised.

Admission

Application will be made for admission of 21,690,909 UK Broker Option Shares
to the Official List (standard segment) and to trading on the main market of
the London Stock Exchange ("London Admission") and to the Australian
Securities Exchange. It is expected that London Admission of the UK Broker
Option Shares will become effective at or around 8.00 a.m. (London time) on or
around 18 April 2023 and that dealings in the UK Broker Option Shares will
commence at that time.

Total voting rights

On London Admission of the UK Broker Option Shares, the Company will have
3,199,128,285 Ordinary Shares in issue, each with one voting
right. Therefore, the Company's total number of Ordinary Shares in issue and
voting rights will be  3,199,128,285 and this figure may be used by
shareholders from London Admission of the UK Broker Option Shares 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.

 

-Ends-

Authorised for release by the board of directors, for further information
please contact:

 MGC Pharmaceuticals Ltd                                        MGC Pharmaceuticals Ltd

 Roby Zomer                                                     Arron Canicais / Rowan Harland

 CEO & Managing Director                                        Joint Company Secretaries

 +61 8 6382 3390                                                +61 8 6382 3390

 info@mgcpharma.com.au (mailto:info@mgcpharma.com.au)           info@mgcpharma.co.uk (mailto:info@mgcpharma.co.uk)
 UK PR Advisors                                                 UK Brokers

 Tavistock                                                      Peterhouse Capital

 Charles Vivian / Tim Pearson                                   Charles Goodfellow / Lucy Williams / Duncan Vasey

 +44 207 920 3150                                               +44 207 469 0930

 mgcpharma@tavistock.co.uk (mailto:mgcpharma@tavistock.co.uk)   cg@peterhousecap.com (mailto:cg@peterhousecap.com) / lw@peterhousecap.com
                                                                (mailto:lw@peterhousecap.com)
 UK Financial Consultant

 SW4 Partners

 Rupert Fane / Nilesh Patel

 rupert@sw4partners.com (mailto:rupert@sw4partners.com)
  / nilesh@sw4partners.com (mailto:nilesh@sw4partners.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 inspired 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 inspired 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:
Twitter: @MGC_Pharma
Facebook: @mgcpharmaceuticals
LinkedIn: MGC Pharmaceuticals Ltd.
Instagram: @mgc_pharma

General

Neither the content of the Company's website (or any other website) nor the
content of any website accessible from hyperlinks on the Company's website (or
any other website) or any previous announcement made by the Company is
incorporated into, or forms part of, this announcement.

Except where the context otherwise requires, defined terms in the Company's
announcement of 11 April 2023 shall have the same meaning when used in this
announcement.

References to £ and pence, and A$ and cents, in this announcement are to the
legal currency of the United Kingdom, and of Australia, respectively. A
conversion rate of GBP/AUD 1.83 has been used.

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