MGC Pharmaceuticals Limited MGC Pharma Launches Share Purchase Plan (8932H)
August 01 2023 - 3:56AM
UK Regulatory
TIDMMXC
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 3 August 2023
with ASIC and ASX
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 5 September 2023
SPP options
Issue of SPP offer options 6 September 2023
-Ends-
Authorised for release by the Managing Director, 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 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
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