TSX VENTURE SYMBOL: HOP
TORONTO, June 18 /CNW/ - Telehop Communications Inc. ("Telehop")
(TSXV-HOP) announced today it was in receipt of a letter proposal respecting
the purchase of all the outstanding shares of the Corporation from an arm's
length strategic industry participant.
The aggregate offer price will be up to Cdn.$ 10,690,800 for 100% of the
equity interests of Telehop, subject to the terms of an Amalgamation
Agreement. The Maximum Offer Price represents a price per share of CAD $0.80
based on 13,363,500 Shares outstanding as of June 10, 2008. The offer imposes
a number of other conditions upon the Company, including but not limited to, a
minimum working capital requirement of $3,000,000 at closing, a 60 day period
of exclusivity; that the Company place $300,000 deposit in escrow; that 66 2/3
% of shareholders tender into the offer.
The Company will be reviewing the proposal and its conditions and
announcing whether it will be pursuing the proposal in the next few days.
The Board of Directors believes that the current proposal is superior to
the Jaguar $0.50 bid.
For further information:
For further information: Telehop Communications Inc., Gary Clifford,