QUEBEC CITY, QUEBEC--(Marketwire - November 10, 2008) - Medicago Inc. ("Medicago") (TSX VENTURE: MDG) today announced that it has received the approval of its shareholders for the completion of its previously announced $15,975,000 private placement transaction with Philip Morris International ("PMI"). At a special meeting held in Quebec City earlier today, 40.4% of Medicago shareholders were present or represented by proxy and 99.9% of these shareholders approved the subscription by Philip Morris Participations B.V. ("PMP"), a wholly owned indirect subsidiary of PMI, for 45,000,000 units (the "Units") at a price of $0.355 per Unit. PMP now holds an interest of 49.8% of the issued and outstanding common shares of Medicago. The proceeds of this transaction which were held in escrow since October 21, 2008 will now be released to Medicago.
