MGC Pharmaceuticals Ltd.

Capital Consolidation and US$7.9m Placement Completed

8 November 2023

ASX, LSE: MXC

MGC Pharmaceuticals Ltd (MGC Pharma, MGC or the Company), a European based pharmaceutical company specialising in the production and development of innovative medicines for unmet medical needs, is pleased to announce that following shareholder approval at a General Meeting held on 25 October 2023, the consolidation of the Company's total issued capital on a 1:1,000 basis (Consolidation) has been completed, along with the settlement of the US$7.9m share placement (Placement) as announced on 1 November 2023.

Upon completion of the Consolidation and Placement, the Company's capital structure will consist of the below:

As previously announced on 1 November 2023, the Company would like to clarify that following the Consolidation and Placement, only 3,067,543 ordinary shares were be admitted to the Financial Conduct Authority's Official List and to trading on the Main Market of London Stock Exchange plc. The remaining 32,362,948 ordinary shares (post completion of the Placement) that have not being admitted to trading were issued to the Australian market and are trading on the Australian Stock Exchange. These remaining ordinary shares are anticipated to be admitted to the Financial Conduct Authority's Official List and to trading on the Main Market of London Stock Exchange plc in due course and in accordance with the applicable regulatory timeframe under the FCA Listing Rules. 

Voting Rights

The Company has 35,430,491 ordinary shares in issue, each with one voting right. Therefore, the Company's total number of shares on issue and voting rights is 35,430,491. This may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Roby Zomer, Managing Director and CEO of MGC Pharma, commented: "I am delighted to announce that the Company has successfully concluded its full capital restructuring and refinancing, thanks to the backing of a number of strategic, high net worth investors from the United States and Europe. These individuals fully understand the Company's long-term potential and are committed to supporting its operations, execution of the business plan to maximise the MGC Pharma enterprise value and shareholder returns. As of today, our Company is now fully funded and well-positioned to proceed with the execution of its pharmaceutical work plan for 2024."

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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 Europe, North America, and Australasia.

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 USA, UK, Australia, and Ireland, MGC Pharma has also built a global distribution network through a wide-reaching group of commercial partners. This extensive network places us in a prime position to supply the global market effectively.

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