TSX-V Trading Symbol: DIL
VANCOUVER, Aug. 26 /CNW Telbec/ - Digifonica International Inc.
(TSX-V: DIL, the "Company" or "Digifonica") is pleased to announce that is has
completed the closing of a private placement of convertible notes. Digifonica
issued the principal amount of $150,000 short-term interest-bearing
convertible notes ("Notes"), which bear interest at a rate of 10% per annum.
The Notes are convertible into units ("Units") of the Company at the election
of the holder, at a price of $0.36 per Unit. Each Unit consists of one common
share of the Company and one non-transferable common share purchase warrant of
the Company (a "Warrant"). Each Warrant shall entitle the holder thereof to
acquire one common share of the Company at a price of $0.50 per common share
on or before the day that is eighteen months from the date of the issuance of
The Notes are repayable at a date which is not more than ten days from
the date of closing of a private placement offering by the Company where the
Company raises funds, net of expenses of the offering, in excess of $1,000,000
(the "Private Placement"); or where the Private Placement has not closed by
September 30, 2008, within five (5) business days of demand at anytime
thereafter, unless otherwise converted on the terms outlined above.
No finder's fee was paid in respect of this private placement. Digifonica
intends to utilize the net proceeds of the private placement for general
working capital purposes.
Except for statements of historical fact, this news release contains
certain "forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently characterized by
words such as "plan", "expect", "project", "intend", "believe", "anticipate",
"estimate" and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
anticipated in the forward-looking statements, which include but are not
limited regulatory and economic risks and risks associated with the Company's
ability to implement its business plan. The Company undertakes no obligation
to update forward-looking information if circumstances or management's
estimates or opinions should change except as required by law. The reader is
cautioned not to place undue reliance on forward-looking statements. More
detailed information about potential factors that could affect financial
results is included in the documents filed from time to time with the Canadian
securities regulatory authorities by the Company.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED, AND DOES NOT ACCEPT
RESPONSIBILITY FOR, THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Investor Relations: Digifonica International
Inc.: (604) 628-8900 ext: 0082, Direct: (778) 785-5094, Fax: (604) 430-3591,
email@example.com, http://www.digifonica.com; Renmark Financial Communications
Inc.: Barry Mire: firstname.lastname@example.org; Barbara Komorowski:
email@example.com, (514) 939-3989, Fax: (514) 939-3717,