Issue of Shares & Extension of Convertible Note
MGC Pharmaceuticals Ltd.
Issue of Shares and Extension of Convertible Note Maturity Date
24 November 2021
ASX, LSE: MXC
MGC Pharmaceuticals Ltd (' MGC Pharma' or ' the Company ') advises that it has released the following announcements on the ASX Market Announcement Platform today in relation the issue and proposed issue of securities in MGC Pharma.
1. Appendix 2A - Application for quotation of securities - Issue of MediCaNL Inc. acquisition deferred consideration shares
17,923,153 MGC Pharma shares were issued to the vendors of MediCaNL Inc. in accordance with Sale and Purchase Agreement announced on 22 April 2021.
A copy of the Announcement can be found at the following URL:
https://www.asx.com.au/asxpdf/20211124/pdf/453c6h168bhqjj.pdf
2. Appendix 2A - Application for quotation of securities - Exercise of director and employee Performance Rights
800,000 MGC Pharma shares were issued on the exercise of vested Performance Rights granted under the Company's Shareholder approved Employee Securities Incentive Plan.
A copy of the Announcement can be found at the following URL:
https://www.asx.com.au/asxpdf/20211124/pdf/453c6mqzwp3zlc.pdf
3. Appendix 3B - Proposed issue of securities - Extension of Convertible Notes Maturity Date - Consideration
MGC Pharma advises that it has executed an agreement to extend the maturity date of $2,100,000 final tranche Convertible Notes (Notes) held by Mercer Global Opportunity Fund LLC (Mercer) under the convertible securities agreement dated on about 8 September 2020, by 12 months, to 24 November 2022. Other than the extension to the maturity date there are no other changes to the key commercial terms of the convertible securities agreement, with the conversion terms, pricing and repayment clauses remaining the same as previously announced. In consideration for extending the maturity date the Company will pay Mercer's legal fees and issue MGC Pharma shares to the value of $31,500 (representing 1.5% of the face value of the Notes), at an issue price of $0.042 per Share as the commercial fee for the 12 month maturity date extension.
A copy of the Announcement (Appendix 3B) can be found at the following URL:
https://www.asx.com.au/asxpdf/20211124/pdf/453c88tbwdjw5c.pdf
--Ends--
Authorised for release by the Chairman, for further information please contact:
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MGC Pharmaceuticals Ltd Roby Zomer CEO & Managing Director +61 8 6382 3390 |
MGC Pharmaceuticals Ltd David Lim Company Secretary +61 8 6382 3390 |
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UK Broker - Turner Pope Andy Thacker +44 203 657 0050 |
UK PR Advisors - Tavistock Charles Vivian / Tim Pearson +44 207 920 3150
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About MGC Pharma
MGC Pharmaceuticals Ltd (LSE: MXC, ASX: MXC) is a European based bio-pharma company developing and supplying affordable standardised phytomedicines to patients globally. The Company's founders were key figures in the global medical cannabis industry and the core business strategy is to develop and supply high quality phytocannabinoid derived medicines for the growing demand in the medical markets in Europe, North America and Australasia. MGC Pharma has a robust product offering targeting two widespread medical conditions - epilepsy and dementia - and has further products in the development pipeline.
Employing its 'Nature to Medicine' strategy, MGC Pharma has partnered with renowned institutions and academia to optimise cultivation and the development of targeted phytocannabinoid derived medicines products prior to production in the Company's EU-GMP Certified manufacturing facility.
MGC Pharma has a number of research collaborations with world renowned academic institutions, and including recent research highlighting the positive impact of using specific phytocannabinoid formulations developed by MGC Pharma in the treatment of glioblastoma, the most aggressive and so far therapeutically resistant primary brain tumour.
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
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