MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has provided clarity on the company’s consolidation of capital and new fundraising programme.
Further to Thursday’s news of a US$7.9 million (A$12.46 million) equity round, the group has confirmed that on completion of the consolidation (anticipated to be finalised on Thursday, 2 November), MGC Pharma will have 4,430,491 shares in issue, each with one voting right.
This figure may be used by shareholders to determine if they are required to notify their interest in, or a change to their interest in, the company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Following the completion of the placement (anticipated to be finalised on 7 November), the company will have 35,430,491 ordinary shares in issue, each with one voting right.
Furthermore, MGC Pharma stated that following the consolidation and placement, only 3,067,543 ordinary shares will be admitted to the FCA's Official List and to trading on the Main Market of the London Stock Exchange.
The remaining 32,362,948 ordinary shares that are not being admitted to trading will be issued to the Australian market to trade on the Australian Stock Exchange.