The West Australian newspaper reports that ASX-listed MGC Pharmaceuticals finalized a significant funding deal with the US-based investment group, Mercer Street Global Opportunity Fund. The deal allows the medicinal marijuana company to draw on a financing facility of up to $15 million to accelerate its clinical trial and research programs. Also, the Perth-based company reported it will get access to the first tranche of $2.25 million once the agreed issue of 2.475 million convertible securities to Mercer with a face value of $1 each has been squared away. In addition, MGC Pharma plans to issue 9.375 million of its shares to Mercer as consideration for the provision of the funding and sink capital into several potential business revenue streams including the production and sales of its ArtemiC and phytocannabinoid into new key markets like Britain and Brazil.
Sean Hocking, Cannabis Law Report, 09/11/2020 23:40:10