Deal will be brokered by agent syndicate; proceeds fund development
By Devika Patel
Knoxville, Tenn., Sept. 23 - Medicago Inc. said it received signed subscription agreements for a C$24.5 million private placement of stock.
The company will sell 37,693,500 common shares at C$0.65 apiece on a best-efforts basis. The price per share represents a 6.56% premium to C$0.61, the Sept. 22 closing share price.
The deal will be conducted by a syndicate of agents co-led by Bloom Burton & Co. Inc., Desjardins Capital Markets and Paradigm Capital Inc.
Settlement is expected Sept. 27.
Proceeds will be used for clinical development of the company's plant-based manufactured influenza virus-like particles vaccines, development of additional product candidates and other general corporate and working capital purposes.
Medicago is a biotechnology company based in Quebec City.
| Issuer: | Medicago Inc.
|
| Issue: | Common shares
|
| Amount: | C$24,500,775
|
| Shares: | 37,693,500
|
| Price: | C$0.65
|
| Warrants: | No
|
| Agents: | Bloom Burton & Co. Inc., Desjardins Capital Markets and Paradigm Capital Inc. (co-leads)
|
| Pricing date: | Sept. 23
|
| Settlement date: | Sept. 27
|
| Stock symbol: | Toronto: MDG
|
| Stock price: | C$0.61 at close Sept. 23
|
| Market capitalization: | C$105.57 million
|
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