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MGC Pharma draws down from funding facility

Published 03/02/2023, 06:21 pm
Updated 03/02/2023, 06:30 pm
© Reuters.  MGC Pharma draws down from funding facility

MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) said it has drawn down US$600,000 from a US$10 million convertible securities financing facility provided by the Mercer Street Global Opportunity Fund.

Under the terms of the agreement, MGC has issued 660,00 convertible notes with a face value of US$1 each.

In the same announcement, investors were told that Tom Cairns had now taken over as the company’s chief financial officer from Angela Graham.

The biopharma group is developing 'plant-inspired' medicines.

Read more on Proactive Investors AU

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