MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) said shareholders have approved the consolidation of its shares on a 1:1,000 basis while it has completed the recent US$7.9m placement.
Roby Zomer, managing director commented: "I am delighted to announce that the company has successfully concluded its full capital restructuring and refinancing, thanks to the backing of a number of strategic, high net-worth investors from the United States and Europe.
“As of today, our company is now fully funded and well-positioned to proceed with the execution of its pharmaceutical work plan for 2024."