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London s First Medical Cannabis Firm MGC Pharma Starts Trading
Tue, 9th Feb 2021 10:37
(Alliance News) - Medicinal cannabis firm MGC Pharmaceuticals Ltd has started life in London on Tuesday, after raising GBP6.5 million from an oversubscribed placement of 442 million shares at 1.475 pence each.
MGC was trading at 2.385p in London on Tuesday morning.
The firm - which noted it is the first London-listed medicinal cannabis company - raised its IPO funds from UK institutional funds, high net worth family office and professional investor clients of Turner Pope Investments.
MGC is already listed in Australia and is a Europe-based biopharmaceutical company specialising in the production and development of phytocannabinoid-derived medicines.
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LSE Code: MXC
MGC Pharma set to become the first medicinal cannabis company to list on the London Stock Exchange
£6.5m (~A$12m) placement completed, led by UK institutional funds
Key Highlights:
· MGC Pharma is set to become the first medicinal cannabis related company to be admitted to the main market of the London Stock Exchange (LSE) through a standard listing, which is now scheduled to take place on Tuesday, 9 February 2021
· MGC Pharma has secured binding commitments to raise £6.5 million (~A$12m), before costs, through a share placement to coincide with the Company s imminent LSE listing
· Strategic placement to substantial UK institutional funds led by Premier Miton and Chelverton Asset Management, with high net worth family office and professional investor clients of London equity broker Turner Pope Investments Limited (Turner Pope)
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