development & production

Commercialization of protein-based vaccines & biopharmaceuticals

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Message: MDG new PP
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Aug 24, 2008 06:10AM
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Aug 27, 2008 10:28PM
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Aug 28, 2008 04:14AM

QUEBEC CITY, Aug. 29 /CNW/ - Medicago Inc. (\"Medicago\") (TSX-V: MDG) today announced that it has completed a previously announced non-brokered private placement of 11,050,000 units (the \"Units\") at a price of $0.20 per Unit for gross proceeds of $2,210,000.

Each Unit consists of one common share (the \"Common Shares\") and one-half common share purchase warrant of Medicago (the \"Warrants\"), with each full warrant (\"Warrant\") entitling the holder thereof to purchase one Common Share for a purchase price of $0.30 at any time prior to 5:00 p.m. (EST) on Augustï؟½28, 2009. The Warrants are subject to an accelerated expiry if, at any time after December 30, 2008, the published closing trade price of the Common Shares on the TSX Venture Exchange Inc. is equal or superior to $0.60 for any 20 consecutive trading days, in which event the Company may give the Holder a written notice and the Warrants will automatically expire, if not exercised, 30 days after receipt of such notice.

The Common Shares, the Warrants and the Common Shares underlying the Warrants will be subject to a statutory four-month hold period.

Medicago will pay a cash finder's fee of $120,600 in connection with the placement. Net proceeds will be used to fund and support the development of multiple vaccine products. The balance will be allocated to working capital and other general corporate purposes.

\"Completing this private placement in a time of market turbulence is an indication of the quality of the team involved in this transaction,\" said M. Andy Sheldon, president and CEO.


This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of Medicago in the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or unless an exemption from such registration is available.

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Sep 04, 2008 01:55PM
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