MONTREAL, June 29 /CNW Telbec/ - Buzz Telecommunications Services Inc.
("Buzz Telecom") announces today the closing of an initial round of its
non-brokered private placement resulting in gross proceeds of $205,000 being
received by Buzz Telecom. Pursuant to this private placement, Buzz Telecom
issued an aggregate of 1,640,000 units at a price of $0.125 per unit, with
each unit being comprised of one common share and one common share purchase
warrant. Each common share purchase warrant entitles its holder to acquire one
common share at a price of $0.25 at any time before June 28, 2009. The units
are subject to a four month hold period during which no transactions are
permitted. Such hold period will expire on October 29, 2007.
Axion Capital received a cash commission of $20,500 representing 10% of
the gross proceeds of the private placement.
About Buzz Telecom Inc.
Buzz Telecom is a unique long distance service provider which specializes
in dial around long distance services such as its 10-11-555 by the minute
billing service and its 10-11-289 bundle of minutes service. Clients can
effectively dial around their existing carriers by dialing 10-11-555 or
10-11-289, and the desired telephone number and the charges appear directly on
the client's regular telephone bill. Buzz Telecom presently offers its
services in Quebec and Ontario to Bell, Videotron and most recently to Fido
Solutions clients. Buzz Telecom continues to develop innovative long distance
products for its clients in an effort to provide the highest quality long
distance services as competitively priced as reasonably possible.
Buzz Telecom also offers a selection of prepaid calling cards that
customers can use from anywhere in the world, to anywhere in the world.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: Rafi Hazan, President & CEO, (514) 788-1499
ext.: 202; Source: Buzz Telecommunications Services Inc.