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Home 🌿 Marijuana Business News 🌿 MGC Pharmaceuticals Ltd Gains Green Light for Czech Republic Medical Cannabis Deal 🌿

MGC Pharmaceuticals Ltd Gains Green Light for Czech Republic Medical Cannabis Deal

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Submitted by Marijuana News on Wed, 05/11/2016 - 08:45

MGC Pharmaceuticals (ASX: MXC) has relisted on the Australian Securities Exchange and will move ahead with a $5 million planned capital raising after the ASX confirmed that MGC’s acquisition of a European medical cannabis company does not constitute a change of nature or scale under Chapter 11 listing rules.

The funds will be used to expand MGC’s European operations and to acquire Panax Pharma s.r.o., a Czech-based company holding a medical cannabis breeding license with access to growing space in the Vukoz Research Institute of the Czech Ministry of the Environment.

Under the agreement, MGC Pharma will be issued 25% equity in Panax upfront, and a further 55% for funding the next year’s operational costs, up to a maximum of €700,000 to acquire total 80% equity of Panax.

MGC will also have an option to acquire the final 20% equity in Panax by issuing €800,000 worth of MGC...

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