20 March 2017
The report goes on to say
The placement at $0.065 a share, a 25.29% discount to its last traded price of $0.087, was significantly oversubscribed by professional investors from Asia, Australia and North America, including the Merchant Opportunities Fund.
A short time ago, the shares were at 8 cents.
MGC Pharmaceuticals now has more than $13.5 million cash.
The funds will be used for clinical studies and the research and development of pharmaceutical-grade medical cannabis products.
The company is also aggressively assessing acquisition opportunities in the Australian and international medicinal cannabis sector.
Nativ Segev, co-founder and managing director, says the raising is a substantial validation of the enormous potential of medical cannabis.