TORONTO, July 16, 2012 /CNW/ - Telehop Communications Inc. ("Telehop") (TSX-V: HOP) 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.
Telehop Communications Inc. (TSX-V: HOP), 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.
For further information:
Mr. Rajiv Jagota, President and CEO: Tel: (416) 494 4490; email [email protected]