MGC Pharmaceuticals Limited US$500,000 funding received under Mercer Facility (2917S)

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 
  [phone]                                    [phone] 
  [e-mail]                               [e-mail] 
 UK Financial and Corporate                         UK PR Advisors 
  Advisor                                            Tavistock 
  SW4 Partners                                       Charles Vivian / Tim Pearson 
  Rupert Fane / Nilesh Patel                         [phone] 
  [phone]                                   [e-mail] 
  [e-mail] / [e-mail] 
 

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 [e-mail] 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)