Philip Morris International Invests CAD $15,975,000 in Medicago Inc.
October 24, 2008
LAUSANNE, Switzerland--(BUSINESS WIRE)--
Philip Morris International (NYSE / Euronext Paris: PM) ("PMI")
announces that it has invested a total of CAD $15,975,000 in Medicago
Inc. ("Medicago"). The investment consisted of a subscription by
Philip Morris Participations B.V. ("PMP"), a wholly owned indirect
subsidiary of PMI, for 45,000,000 units of Medicago at a price per
unit of CAD $0.355 by way of private placement. The investment by PMI
was previously disclosed by Medicago in its press releases dated
September 22, 2008 and October 22, 2008.
Each unit consists of one common share and one common share
purchase warrant of Medicago. Each warrant will entitle PMP to
purchase one additional common share of Medicago for a period of 24
months at a price equal to: (i) CAD $0.375 during and up to the period
ending on the first anniversary date of the issuance of the warrants;
and (ii) CAD $0.405 thereafter.
The 45,000,000 common shares comprised in the units acquired by
PMP represent 49.8% of the issued and outstanding common shares of
Medicago calculated on a non-fully diluted basis.
PMP acquired the units pursuant to a subscription agreement. The
acquisition was made for investment purposes. PMI may, subject to
market conditions and in accordance with applicable securities laws,
make additional investments in or dispositions of securities of
Medicago, including additional purchases of Medicago common shares.
About Philip Morris International
Philip Morris International (PMI) (NYSE / Euronext Paris: PM) is
the leading international tobacco company, with seven of the world's
top 15 brands including Marlboro, the number one cigarette brand
worldwide. PMI has more than 75,000 employees and its products are
sold in approximately 160 countries. The Company held an estimated
15.6% share of the international cigarette market outside of the
United States in 2007. For more information, see www.pmintl.com.
Source: Philip Morris International
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