OTTAWA, March 13 /CNW/ - RAMTelecom Inc. (the "Corporation"; TSX
Venture - RTC) announces that, subject to final TSX Venture Exchange approval,
it has closed its private placement ("Private Placement") raising $102,000 by
issuing 510,000 Units at $0.20 per Unit. Each Unit consists of one common
share and one share purchase warrant. Each share purchase warrant is
exercisable into one common share at a price of $0.25 for two years from the
date of closing. A finder's fee of $8,530.87, plus 40,800 warrants, was paid
by the Corporation in connection with the Private Placement. The Units issued
pursuant to the Private Placement and the warrants issued as a finder's fee
are subject to a four-month hold period. The proceeds of the Private Placement
will be used to support new network solutions for the Corporation's customers.
In connection with the Private Placement, Ralph Misener, Director and
CEO, sold 510,000 common shares and used the proceeds to purchase 510,000
About RAMTelecom Inc.
The Corporation is a satellite service provider delivering flexible,
scalable solutions for broadband data and voice business communications. The
Corporation's fixed and mobile satellite-based communication services and
value-add solutions are designed for medium and large enterprises in oil and
gas, mining and forestry and government agencies. With complete coverage of
the North American market, the Corporation's satellite broadband services help
organizations achieve greater operational efficiency by providing continuous
real-time communications between central offices and remote locations anywhere
in North America.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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For further information:
For further information: R. A. (Ralph) Misener, President and Chief
Executive Officer, Tel: (613) 747-1836 Ext. 125, Email:
email@example.com; Alison Tullis, CHF Investor Relations, Account
Manager, Tel: (416) 868-1079 Ext 233, Email: firstname.lastname@example.org