MGC Pharmaceuticals Ltd
Refinancing of Convertible Securities Agreement
28 March 2024
ASX, LSE: MXC
MGC Pharmaceuticals Ltd ('MGC Pharma' or 'the Company') wishes to advise that it has executed a Deed of Variation with Mercer Street Global Opportunity Fund, LLC (Mercer) in respect of the convertible securities agreement entered into between the Company and Mercer in 2020. This includes the refinancing of 500,000 convertible notes from the 2020 convertible note facility (Notes) which totals
Variation to 2020 Convertible Securities Agreement
As announced on 10 September 2020, the Company entered into an agreement with Mercer (2020 Agreement), whereby Mercer conditionally agreed to provide the Company with up to
As at the date of this announcement 2,100,000 convertible notes pursuant to the terms of the 2020 Agreement remain on issue.
The Company and Mercer have agreed to amend the minimum conversion price of 500,000 Notes under the 2020 Agreement (which had amendments approved at a meeting of Shareholders[1]) from "not less than
The Company intends to reach additional agreements with Mercer to amend the terms of the remaining 2020 convertible note facility and the 2022 convertible note facility[2].
-Ends-
Authorised for release by the Managing Director, for further information please contact:
MGC Pharmaceuticals Ltd Roby Zomer CEO & Managing Director +61 8 6555 2950 |
MGC Pharmaceuticals Ltd Rowan Harland Company Secretary +61 8 6555 2950 |
IFC Advisory Graham Herring / Tim Metcalfe / Zach Cohen +44 203 934 6630 |
Oberon Capital Aimee McCusker / Adam Pollock +44 203 179 5300 aimeemccusker@oberoninvestments.com adampollock@oberoninvestments.com |
About MGC Pharma
MGC Pharmaceuticals Ltd (LSE: MXC, ASX: MXC) is a prominent European pharmaceutical company with a strong commitment to creating accessible and ethically produced cutting-edge medicines. Our approach combines in-house research with innovative technologies, all aimed at discovering and producing treatments for currently unmet medical conditions.
The company's founders and executives are distinguished figures in the global pharmaceutical industry. Our central business strategy revolves around the development and supply of innovative medicines, responding to the increasing demand in the medical markets of
MGC Pharma maintains a robust development pipeline that addresses two prevalent medical conditions, with additional products currently in the developmental stages. We've established strategic partnerships with renowned institutions and academia, fostering the optimization of our medicines' development. These medicines are produced in our EU-GMP Certified manufacturing facilities, ensuring the highest quality standards.
With a growing patient base in key regions like the
Follow us through our social media channels:
LinkedIn: MGC Pharmaceuticals Ltd.
Twitter: @MGC_Pharma
Facebook: @mgcpharmaceuticals
Instagram: @mgc_pharma
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