That should be worth a pip or two in afternoon trading IMO. Certainty is value.
"MGC Pharmaceuticals Ltd (ASX: MXC or “the Company”) is pleased to advise the Company has completed its significantly oversubscribed Placement, successfully raising $10m before costs through the issue of 153,846,155 ordinary shares at $0.065 each (Placement).
The Placement was cornerstoned by s708 exempt institutional and sophisticated investors from Asia, Australia and North America.
The Lead Manager of the Placement was Merchant Corporate Advisory Pty Ltd (Merchant). A fee of 5% is payable on the funds raised under the Placement.
The funds raised will fast-track clinical studies and the research and development of pharmaceutical-grade medical cannabis products, including the acceleration of the rollout of the Company’s Australian operations and strategy. Additionally, the funds will be used to expand sales of MGC Pharmaceuticals cosmetics and dermatological products.
The Company is also assessing strategic acquisition opportunities across the medical cannabis sector in Australia, Europe and North America."
MXC Price at posting:
6.9¢ Sentiment: Hold Disclosure: Held
