Medical cannabis company MGC Pharma just raised $10 million
Not sure if mentioned in their announcement on Friday but it is mentioned the placement was signicantly oversubscribed by but it mentions MGC was "s
ignificantly oversubscribed by professional investors from Asia, Australia and North America, including the Merchant Opportunities Fund"
Another excellent article and exposure opportunity for the company.
CHRIS PASH
MAR 17, 2017, 10:33 AM
image:
https://edge.alluremedia.com.au/uploads/*/2016/10/cannabis-crop.jpg
https://edge.alluremedia.com.au/uploads/*/2016/10/cannabis-crop.jpgPhoto: Robert Gauthier/Los Angeles Times/Getty Images
MGC Pharmaceuticals has raised $10 million to accelerate development of medical cannabis products and seek acquisitions.
The placement at $0.065 a share, a 25.29% discount to its last traded price of $0.087, was significantly oversubscribed by professional investors from Asia, Australia and North America, including the Merchant Opportunities Fund.
A short time ago, the shares were at 8 cents.
MGC Pharmaceuticals now has more than $13.5 million cash.
The funds will be used for clinical studies and the research and development of pharmaceutical-grade medical cannabis products.
The company is also aggressively assessing acquisition opportunities in the Australian and international medicinal cannabis sector.
Nativ Segev, co-founder and managing director, says the raising is a substantial validation of the enormous potential of medical cannabis.
“These funds will allow us to fast-track the research, development and commercialisation of our own pharmaceutical-grade products which could potentially treat a variety of indications,” he says.
Shares in medical cannabis-related companies have been surging on the ASX.
MMJ Phytotech went from 18 cents to 75 cents a share and Auscann Group from 21 cents to 83 cents.
Stemcell United, which
announced it was looking at medical cannabis opportunities, is currently trading at 32 cents, up from a low of 1.3 cents, after briefly hitting $1.
Read more at
https://www.*.com.au/medical-cannab...-raised-10-million-2017-3#5ueOpvkMFSjV8OLy.99
