MGC Pharmaceuticals Limited US$500,000 funding received under Mercer Facility (2917S)
08 March 2023 - 8:00PM
UK Regulatory
TIDMMXC
RNS Number : 2917S
MGC Pharmaceuticals Limited
08 March 2023
MGC Pharmaceuticals Ltd.
US$500,000 funding received under Mercer Facility
08 March 2023
ASX, LSE: MXC
MGC Pharmaceuticals Ltd ('MGC Pharma' or 'the Company') , a
European based bio-pharma company specialising in the production
and development of plant inspired medicines notes that it has been
advised by Mercer that a US$500,000 (A$743K) funding request has
been approved and a funds transfer to MGC's Australian bank account
processed. This funding has been provided under the US$10 million
Convertible Securities Financing Facility with Mercer Street Global
Opportunity Fund, LLC, a fund managed by United States-based
institutional fund manager Mercer Street Capital Partners, LLC
(US$10m Financing Agreement).
Under the terms of the US$10m Financing Agreement the Company
will issue 550,000 convertible notes to Mercer with a face value of
US$1.00 each on receipt of the cleared funds.
The US$500,000 of funds received from Mercer will be used as
working capital to fund MGC's ongoing operations, including its
clinical trial program.
--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 Company Secretary
+61 8 6382 3390 +61 8 6382 3390
info@mgcpharma.co.uk info@mgcpharma.co.uk
UK Financial and Corporate UK PR Advisors
Advisor Tavistock
SW4 Partners Charles Vivian / Tim Pearson
Rupert Fane / Nilesh Patel +44 207 920 3150
+44 7810 056 104 mgcpharma@tavistock.co.uk
rupert@sw4partners.com / 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
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
UPDEAPDPESSDEEA
(END) Dow Jones Newswires
March 08, 2023 04:00 ET (09:00 GMT)
Mgc Pharmaceuticals (LSE:MXC)
Historical Stock Chart
From Apr 2024 to May 2024
Mgc Pharmaceuticals (LSE:MXC)
Historical Stock Chart
From May 2023 to May 2024