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.