Canadian NEX: TOM
TORONTO, June 16 /CNW/ - TS Telecom Ltd. (the "Company") has entered into
an agreement with Vancouver businessman Xen Stefanopoulos whereby
Mr. Stefanopoulos has agreed to effect a $1.0 million placement of
post-consolidation units. The Company will be convening a shareholders'
meeting to approve a consolidation of the Company's issued and outstanding
shares on a 1:5 basis, after which, the Company will have 4,398,000 shares
outstanding. The post-consolidation private placement will be 20,000,000
million units at five cents per unit (.05 cents). Each unit will consist of
one post-consolidated share and one warrant to buy one post-consolidated share
for $0.10 (ten cents) for a period of one year from the date of closing.
Proceeds of the private placement will be used to pay off the Company's
existing debt and to provide the Company with general working capital.
A finder's fee will be payable. The private placement is subject to TSX
(NEX) approval as well as shareholders' approval.
The NEX has neither approved nor disapproved the information contained
For further information:
For further information: Cindy Lau, Director of TS Telecom Ltd. at (905)