By Sheri Kasprzak
New York, Dec. 5 - Phonetime Inc. wrapped a private placement of units for US$4 million.
The company sold 40 million units of one share and one warrant with each warrant exercisable at C$0.15 for two years.
The units were sold to Creslin Ltd.
Proceeds will be used for the company's expansion of its international long-distance wholesale division in the United States, South America, Europe and Asia. The rest of the proceeds will be used for general corporate purposes.
Phonetime, based in Mississauga, Ont., is a long-distance telecommunications provider.
| Issuer: | Phonetime Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | US$4 million
|
| Units: | 40 million
|
| Price: | US$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Investor: | Creslin Ltd.
|
| Settlement date: | Dec. 5
|
| Stock symbol: | TSX Venture: PHD
|
| Stock price: | C$0.54 at close Dec. 4
|
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