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.