MCG Pharma makes history as the first medicinal cannabis firm to be admitted to the London Stock Exchange.
MGC Pharmaceuticals Ltd (ASX: MXC), a European based and Australian listed bio-pharma company specialising in the production and development of phytocannabinoid-derived medicines, is pleased to announce that the Company's ordinary shares have been admitted to the standard sector of the London Stock Exchange under the ticker MXC.
The Admission to trading follows the completion of a successful capital raise of £6.5 million through an oversubscribed placement to UK-based institutional funds, high net worth family offices, and professional investors.
"The LSE listing is a hugely significant moment for MGC Pharma, our admission to LSE follows the successful capital raising of £6.5 million which will be used to immediately commence the priority clinical research trials of our leading products, expand our distribution network into key sales markets, as well as advance the construction of our manufacturing facilities in Malta." said Roby Zomer, Chief Executive and Managing Director.
The number of shares on issue immediately after Admission will be 441 million giving the Company a market capitalisation of approximately £33.7 million at the issue price of 1.475 pence per share.
For the purposes of the Disclosure Guidance and Transparency Rules, the total number of shares with voting rights in the Company with effect from 8th February 2020 will be 2,229 million, as detailed in recent ASX announcements.
This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
We are proud to make history as the first medical cannabis company on this historic exchange. Roby Zomer, Chief Executive and Managing Director of MGC
MGC Pharma has a robust product offering targeting two widespread medical conditions – epilepsy and dementia – and has further products in the development pipeline. The most advanced of these is ArtemiC, which recently successfully completed Phase II trials as a potential aid to the recovery of moderate COVID-19 patients.
MGC Pharma is now part of London's Stock Exchange – one of the oldest exchanges in the world, and has made their successful appearance in the ever growing cannabis sector. They currently aim to gain notability in the stock industry and continue to grow exponentially in providing medicinal cannabis treatments.
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