MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has announced a US$500,000 fundraise via a private placement amid a new push to expand its global footprint.
Some 1,480,000 ordinary shares at AU$0.50 (US$0.34) each will be issued under the plan, MGC Pharma said, with commitments having already been received for these.
“We are excited about the opportunities that these additional funds will unlock as we continue to drive innovation, expand our operations, and create long-term value for our stakeholders,” chief executive Roby Zomer commented.
Funds will be split between marketing and public relations costs in the US and legal fees in the UK.
Such investment will be made as the company gears up to submit its flagship CimetrA and CannEpil treatments to the likes of the US Food and Drug Administration, MGC added.
“We are grateful for the trust placed in us and look forward to a promising future of sustained growth and success as the Company enters an exciting stage in its development,” Zomer said.
MGC added that its “was focused on raising its profile,” including through exploring “all opportunities to complement its existing public status on the London Stock Exchange”.