• MGC Pharmaceuticals (ASX:MXC) has closed its placement...

• MGC Pharmaceuticals (ASX:MXC) has closed its placement significantly oversubscribed • Corner stoned by the Merchant Opportunities Fund, the Company has received firm commitments from sophisticated and professional investors to raise up to $10m before costs, via the issue of 153,846,154 ordinary shares at $0.065 each • Placement is being managed by Merchant Corporate Advisory Pty Ltd • Placement led by new institutional and strategic high net worth investors coming onto the register from Australia, Asia and North America • Funds will be used to fast-track the commercialisation of the Company’s growth objectives, including the research and development of pharmaceutical-grade products • Following the Placement, MGC Pharmaceuticals is well-funded for the significant growth phase of the company with in excess of $13.5m cash at bank