Medicago announces completion of bought deal financing
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The Offering was conducted through a syndicate of underwriters led by Paradigm Capital Inc., as lead underwriter, together with Bloom Burton & Co. and Dundee Securities Corporation. A total of 16,100,000 subscription receipts (the "Subscription Receipts") were issued at a price of C$0.72 per Subscription Receipt. Each Subscription Receipt represents the right to receive one unit (a "Unit") of Medicago, without any additional consideration, upon the earlier of: (i) the date on which Philip Morris Participations B.V. ("PMP") refuses to exercise the Preemptive Right (as defined below), (ii) the date on which PMP subscribes to Units of Medicago pursuant to its Preemptive Right, or (iii)
As previously announced, Medicago is a party to a Representation Right and Preemptive Right Agreement made as of
The TSX Venture Exchange has conditionally approved the listing of the Subscription Receipts and the Common Shares comprised in the Units and the Common Shares issuable upon the exercise of the Warrants, subject to Medicago fulfilling all the requirements of the Exchange. The Subscription Receipts are listed on the TSX Venture Exchange under the symbol MDG.R.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the
Medicago is committed to provide highly effective and affordable vaccines based on proprietary Virus-Like Particle (VLP) and manufacturing technologies. Medicago is developing VLP vaccines to protect against H5N1 pandemic influenza, using a transient expression system which produces recombinant vaccine antigens in non-transgenic plants. This technology has potential to offer advantages of speed and cost over competitive technologies. It could deliver a vaccine for testing in about a month after the identification and reception of genetic sequences from a pandemic strain. This production time frame has the potential to allow vaccination of the population before the first wave of a pandemic strikes and to supply large volumes of vaccine antigens to the world market. Additional information about Medicago is available at www.medicago.com.
Forward Looking Statements
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with Medicago's business and the environment in which the Company operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to Medicago or its management. The forward-looking statements are not historical facts, but reflect Medicago's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks Factors and Uncertainties" in Medicago's Annual Information Form filed on
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
%SEDAR: 00023641EFFor further information: Medicago Inc., Andrew J. Sheldon, President and Chief Executive Officer, (418) 658-9393; Medicago Inc., Arianna Vanin, Director, Investor Relations, (514) 796-3993