By Devika Patel
Knoxville, Tenn., March 14 - Medicago Inc. said it has raised C$2.6 million in a non-brokered private placement of units. The oversubscribed deal priced for C$2 million on Feb. 22.
Medicago sold 13 million units of one common share and one half-share warrant at C$0.20 apiece. The company planned to sell 10 million units. Each whole warrant will be exercisable at C$0.25 for two years.
Proceeds will be used for development of multiple vaccine products, working capital and other general corporate purposes.
Medicago is a biotechnology company based in Quebec City.
| Issuer: | Medicago Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.6 million
|
| Units: | 13 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 22
|
| Settlement date: | March 14
|
| Stock symbol: | TSX Venture: MDG
|
| Stock price: | C$0.27 at close Feb. 22
|
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