Telehop Communications Inc. - Private Placement
July 15 2012 - 9:23AM
PR Newswire (Canada)
TORONTO, July 16, 2012 /CNW/ - Telehop Communications Inc.
("Telehop") announced today that it intends to complete a
non-brokered private placement of up to $750,000 through the
issuance of units (each, a "Unit" and collectively, the "Units") at
a price of $0.10 per Unit, where each Unit consists of one common
share and one-half of one common share purchase warrant
("Warrant"). Each Warrant will entitle the holder to purchase one
common share over a two-year period (subject to acceleration in the
event that the closing price of the company's common shares on the
TSX Venture Exchange, for a period of 10 consecutive trading days,
exceeds $0.25 per common share) at a price of $0.15 per common
share. Telehop may engage one or more finders to assist
it in the sale of Units, with each finder receiving (i) a cash
payment equal to 7.5% of the proceeds received by Telehop through
introductions made by the respective finder, and (ii) warrants to
purchase that number of common shares equal to 7.5% of the Units
sold by Telehop to purchasers introduced by each such finder. The
proceeds of the private placement will be used by Telehop to
finance the capital and marketing requirements needed to implement
its strategic relationship with a leading national
telecommunications company whereby mobile customers will be able to
place overseas calls using Telehop's long distance services; the
strategic relationship was announced on July 3, 2012. All
securities issued in connection with the offering will be subject
to a four-month hold period in accordance with applicable Canadian
securities laws. The offering is subject to the approval of the TSX
Venture Exchange and required regulatory approvals. About Telehop
Telehop Communications Inc. , was founded in 1993 and is
headquartered in Toronto, Ontario, and has grown into one of the
largest alternative telecommunications providers to both
residential and business customers. Telehop is an Equal Access Long
Distance Providers, allowing it to offer its customers full service
long distance calling globally at significantly lower rates. The
Canadian Radio-television and Telecommunications Commission
("CRTC") has licensed Telehop as a Class "A" telecommunications
carrier. Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. Telehop Communications Inc. CONTACT:
Mr. Rajiv Jagota, President and CEO: Tel: (416) 494 4490;email
rjagota@telehop.com
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