Microcell Completes Rights Offering

On April 30, 2004, Microcell Telecommunications Inc. completed a fully-subscribed rights offering pursuant to which it issued approximately 4.5 million class B non-voting shares to its existing shareholders. In connection therewith, COM Canada, LLC, a private holding company owned by Craig O. McCaw, acquired on May 3 an additional 2.72 million class B non-voting shares of Microcell. COM Canada also received approximately 3.9 million warrants to acquire, at C$22 per warrant, additional class B non-voting shares of Microcell. As a result of these transactions, Microcell received approximately C$147 million in net proceeds. Microcell used part of these proceeds to redeem all of its remaining preferred shares. Microcell’s class A restricted voting shares and class B non-voting shares are listed on the TSX.

Microcell was represented by Jocelyn Côté, vice-president, legal affairs and assistant secretary; assisted by Stikeman Elliott, with a team consisting of Sidney Horn, Marc Barbeau, Jason Streicher and Thomas Lellouche (corporate) and Robert Hogan, Christian Meighen and Frank Mathieu (tax); and was advised on US matters by Pillsbury Winthrop, with a team consisting of David Falck and Douglas Ray.

COM Canada, LLC was represented by Davis Wright Tremaine, with a team consisting of Benjamin Wolff, David Baca and Matthew Latimer; and was advised on Canadian matters by Blake, Cassels & Graydon, with a team consisting of Gary Jessop and Randy Proulx.


Jason Streicher Frank Mathieu Marc B. Barbeau David Baca Randy Proulx Thomas Lellouche Christian Meighen David P. Falck Gary O. Jessop Sidney M. Horn Benjamin Wolff


Stikeman Elliott LLP Pillsbury Winthrop Shaw Pittman LLP Davis Wright Tremaine LLP Blake, Cassels & Graydon LLP