By Devika Patel
Knoxville, Tenn., Aug. 29 - Medicago Inc. said it has raised C$2.21 million in a non-brokered private placement of units.
The company sold 11.05 million units of one common share and one half-share warrant at C$0.20 apiece. Each whole warrant will be exercisable at C$0.30 until 5 p.m. ET on Aug. 28, 2009.
The warrants may expire sooner if the company's shares close at C$0.60 or higher for any 20 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
Proceeds will be used for development of multiple vaccine products.
Medicago is a biotechnology company based in Quebec City.
Issuer: | Medicago Inc.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$2.21 million
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Units: | 11.05 million
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Price: | C$0.20
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Aug. 28, 2009
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Warrant strike price: | C$0.30
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Agent: | Non-brokered
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Settlement date: | Aug. 29
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Stock symbol: | TSX Venture: MDG
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Stock price: | C$0.315 at close Aug. 29
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