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MGC pharma gets commitments for A$4.8M placement

Australian cannabis company MGC Pharmaceuticals Ltd. received financial commitments for placement of A$4.8 million.

The company, which issued 118,750,000 shares under the deal, will also raise an additional A$1 million under a priority offer that would allow the eligible existing shareholders to buy up to A$25,000 worth of shares at the same issue price as the placement, 4 Australian cents each.

The gross proceeds of about A$5.8 million would then be used by the company to fund its ongoing operations for production and sales of pharmaceutical-grade cannabinoid-derived medicines and initial construction works on its Malta GMP Pharma facility.

Additionally, a part of the proceeds would be used for undertaking a possible dual listing on the London Stock Exchange, for which MGC Pharma has appointed Canaccord Genuity in Australia as its equity capital markets adviser.

The issuance of all shares under the placement is expected to be completed on or around Aug. 29.