TORONTO, July 26, 2012 /CNW/ - Telehop Communications Inc. ("Telehop") (TSX-V: HOP) announces today the completion of a non-brokered private placement for the gross proceeds of CDN $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 entitles 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.
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 Provider, 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.
SOURCE: Telehop Communications Inc.
For further information:
Mr. Rajiv Jagota, President and CEO: Tel: (416) 494 4490; email [email protected]