14th Jul 2023 08:25
MGC Pharmaceuticals Ltd - London-based pharmaceutical company specialising in the production and development of plant-derived medicines - Conditionally raises GBP650,000, before expenses, through a placing and subscription of 541.7 million shares at a price of 0.12 pence per share. This represents a 57% discount from the closing price of 0.28p per share on Wednesday. The company also raises GBP50,000 from its Chief Executive Officer & Managing Director Roby Zomer in a convertible loan agreement.
"The fundraising is intended to bridge the company's current general working capital requirements and will provide a runway of working capital for its short-term financing obligations. The company's management are also exploring additional cost reduction measures that could increase the working capital runway provided by the fundraising," said MGC Pharmaceuticals.
Current trading share: 0.15 pence, down 42%
12-month change: down 88%
By Will Neill, Alliance News reporter
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