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- MGC Pharmaceuticals (MXC) is officially dual listed after beginning trade on the London Stock Exchange (LSE)
- The healthcare company began trading on the LSE after successfully raising £6.5 million (roughly A$11.6 million)
- The money was procured via an oversubscribed placement to a number of U.K. based investors
- MGC listed on the LSE under the ticker code MXC and with an initial market capitalisation of around £33.7 million (about A$60.2 million)
- Following its acceptance, the company has also become the first medicinal cannabis company to list on the LSE
- MXC’s shares on the ASX are trading for 4.1 cents, up 13.9 per cent
MGC Pharmaceuticals (MXC) is now officially a dual-lister, after beginning trade on the London Stock Exchange (LSE).
The medical cannabis company began trading on the LSE on February 9 after successfully raising £6.5 million (roughly A$11.6 million).
MGC listed on the stock exchange under its same ASX ticker code – MXC – with shares initially worth 1.475 pence per share.
That gave the healthcare stock an initial market capitalisation of around £33.7 million (about A$60.2 million).
Commenting on the company’s move into the U.K. market, MGC Pharmaceuticals Managing Director Roby Zomer said it was hugely significant.
“We are proud to make history as the first medical cannabis company on this historic exchange,” he said.
“I would like to thank the MGC Pharma team and the advisors for all their hard work to make this happen,” he added.
MXC raised the £6.5 million via an oversubscribed placement to a number of U.K. based investors.
The company plans to use the cash to fund its priority clinical research trials, distribution network expansion and construct its planned manufacturing facilities in Malta.
MGC Pharmaceuticals share price on the ASX has jumped up 13.9 per cent following today’s LSE listing announcement.
Company shares ended the day trading at 4.1 cents each.
