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