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Listed on ASX ( $        )

Former (or subsequent) names

ERIN RESOURCES LIMITED06/09/201216/12/2015

Shareholder links



Computershare Investor Services, Level 11 172 St Georges Terrace Perth WA 6000

Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 7 3229 9860
RegistryWebsite RegistryEmail

Company details

Address: 1202 Hay Street West Perth, Western Australia 6005
Tel:  +61 8 6382 3390 Fax: (08) 9389 2099

Date first listed: 21/12/2006
Company Secretary: Rachel Kerr
Sector: Materials Industry Group: XMJ
Activities: Gold exploration

The suspension of trading in the securities of MGC Pharmaceuticals will be lifted immediately, following the release by MXC of an announcement regarding the sale of MGC Derma.


Formal Definitive Agreement has been signed with CannaGlobal for the strategic sale of 100% MGC Derma. Completion of the Definitive Agreement with final commercial terms follows CannaGlobal's recent closing of key corporate actions in relation to other cannabis related business opportunities, and financing by its cornerstone investor. On completion of the CannaGlobal transactions, MXC will hold 10% equity in CannaGlobal following the sale of 100% of MGC Derma. All future MGC Derma working capital funding obligations removed from MXC. MXC will hold an increased equity holding in CannaGlobal as part of a new private company structure, in comparison to the CannaGlobal equity consideration under the original binding term sheet that included a Canadian stock exchange listing. C$0.5 million for an initial MGC Derma products supply order has now been transferred by CannaGlobal under the exclusive 5-year CBD and cosmetics Supply Agreement signed as part of the deal. CannaGlobal is no longer pursuing a public listing on the Canadian stock exchange, due to the terms of its new financing arrangements with its major shareholder and the material change to North American equity markets during October.


The company requests an extension of the voluntary suspension of its securities from the commencement of trade on 7 November 2018. This request is to allow finalisation of all formal documentation by CannaGlobal relating to the acquisition of MGC Derma, and simultaneous completion of related CannaGlobal transactions including their financing facility and other asset acquisitions. The Company expects the voluntary suspension to end no later than the commencement of trade on Tuesday 13 November 2018, when it anticipates it will be in a position to make a detailed announcement to the market.


The securities of MGC Pharmaceuticals Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of MXC, pending the release of an announcement regarding a disposal.


The suspension of trading in the securities of MGC Pharmaceuticals Limited will be lifted immediately, following the release by MXC of an announcement regarding a disposal.


A binding term sheet was signed with Cannaglobal to acquire 100% of MGC Derma. MXC will sell 100% of MGC Derma for C$12.5m in Cannaglobal equity, a C$2.5m loan repayment to MXC and a 5-year CBD and cosmetic materials supply agreement. To complete the transaction, MXC has acquired the remaining 49% of MGC Derma held by MGC Derma partner Dr. M. Burnstein Ltd for C$1.25m to deliver 100% of MGC Derma to Cannaglobal, facilitating this strategic transaction. Cannaglobal founders and major shareholders are leaders in the Canadian business community and cannabis industry. Cannaglobal is currently exploring opportunities to publicly list on one of the Canadian stock exchanges, which is now materially advanced. The Deal includes an exclusive 5-year Supply Agreement for the provision of MXC's CBD, proprietary production IP and cosmetic materials to Cannaglobal. This transaction delivers a clear financial strategy and future funding outcome for MXC - allowing management to focus its resources on becoming a leading Bio-Pharma operator in the European medical cannabis industry.


The securities of MGC Pharmaceuticals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MXC, pending the release of an announcement regarding a material commercial transaction with a Canadian cannabis company.


The suspension of trading in the securities of MGC Pharmaceuticals Limited (the "Company") will be lifted immediately following the release of an announcement regarding the acquisition of PANAX Pharma s.r.o.


The ASX placed the Company immediately in suspension on 4 May 2016 to seek confirmation that the Panax acquisition announced on 27 April 2016 was not a change of nature or scale under Chapter 11. The Company immediately engaged with the ASX to resolve the matter as quickly as practicable. The ASX has completed the review and based solely on the information provided, ASX has confirmed that listing rule 11.1.2 and 11.1.3 do not apply to the Panax acquisition. The Company will be required to provide ASX with legal opinions from reputable lawyers from the Czech Republic opining to the satisfaction of the ASX on the legality of the business being conducted by Panax.


MGC Pharmaceuticals Ltd (ASX:MXC or "the Company") would like to update the market on the status of its Senegal gold assets following the completion of the acquisition of MGC Pharma UK Ltd, and its requotation on the ASX on 19 February this year.


The securities of MGC Pharmaceuticals Limited will be suspended from quotation immediately by ASX pursuant to Listing Rule 17.3.


MGC Pharmaceuticals Limited ("Company") will be reinstated to official quotation as from 10 am AEDT on Tuesday, 23 February 2016 following the Company's compliance with listing rule 11.1.3 and chapters 1 and 2 of the ASX Listing Rules. 508,086,552 ordinary shares fully paid Security Code: MXC


The company's managing director provides an update regarding 2016 and the future for MGC pharma and that its European CBD resin production and Australian strategy are being fast-tracked.


The Company has today lodged a Supplementary Prospectus detailing a $1.0m loan facility agreement the Company has put in place to provide it with additional working capital, which was required by MXC to satisfy the ASX listing rules re-compliance requirements. This was not anticipated by the Company or its advisors at the time of lodging the Company's re-compliance Prospectus dated 18 December 2015.


The Federal Government yesterday (10 February 2016) introduced landmark legislation that will allow Australian patients and their doctors to access legal medicinal cannabis products for the management of painful and chronic conditions. MGC Pharmaceuticals Ltd welcomes the move by the Federal Health Minister Sussan Ley to amend the Narcotics Drugs Act 1967 and allow for the cultivation, manufacture, trials and prescription of medical cannabis through a national licensing and permit scheme. The change itself could happen within a matter of months and the Health Minister is confident


The company lodges its quarterly activity and cash flow report.


The company has received its Conditional Reinstatement letter from the ASX and is finalising the re-compliance documentation this week, including issue of the Prospectus Shares, completing the MGC acquisition and issue of shares to the Vendors.


The Company advises its re-compliance Prospectus dated 18 December 2015 relating to the acquisition of MGC Pharmaceuticals Ltd group of companies is now closed, following the recompliance offer of $10,000 being fully subscribed on the terms set out in the Prospectus, and the issue today of the July 15 unlisted options under a cleansing prospectus.


The company provides the shareholders an update - it is close to completing the MGC acquisition. Since commencing the process of acquiring MGC, the business has made significant progress on executing its business plan and steps towards initial commercialisation of its medical cannabis based cosmetic and medical products, and first cannabidiol (CBD) extract production in Slovenia during mid-2016.


The company issues a prospectus for the offer of 500,000 Shares at an issue price of $0.02 each to raise $10,000. The Prospectus also contains an offer of 200,000,000 Shares and 100,000,000 Performance Shares to the Vendors in consideration for the acquisition of all the issued capital in MGC.


name changed from Erin Resources Limited


ASX Announcements (courtesy of ASX)


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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    11/02/2019Roby Zomer500,000$0.040$20,000
    08/02/2019Brett Mitchell500,000$0.040$20,000
    08/02/2019Nativ Segev500,000$0.040$20,000
    25/05/2016Nick Castleden-1,500,000$0.057$85,800
    14/05/2013Grant Davey30,000$0.050$1,500

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    Brett MitchellExecutive Chairman04/04/2013
    Roby ZomerManaging Director, CEO15/02/2016
    Stephen ParkerNon Exec Director13/03/2019
    Nativ SegevExecutive Director15/02/2016
    Ross Grant WalkerDirector15/02/2016

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    Nick CastledenNon Exec Director12/05/201424/06/2016
    Nick PollManaging Director, CEO04/04/201315/02/2016
    Grant DaveyManaging Director21/06/201212/05/2014
    Jim MaloneNon Exec Chairman30/06/201104/04/2013
    Jason DavisNon Exec Chairman14/05/201025/09/2012
    David ChapmanNon Exec Director30/03/201114/09/2012

    Date of first appointment, title may have changed.