Vistula Communications issues new warrants to investors from March private placement

By Sheri Kasprzak

New York, Oct. 7 - Vistula Communications Services, Inc. said it has issued secondary warrants to investors of a March 2005 private placement.

The new warrants allow for the purchase of a number of shares equal to the shares the investors buy upon the exercise of the outstanding warrants from the deal, which expire on Oct. 31.

The new warrants are exercisable at $1.50 each for five years.

The existing warrants are exercisable at $1.00 each.

So far, three warrant holders have exercised their existing warrants for a total of 1,529,999 shares.

In the initial offering, wrapped March 4, Vistula raised $8.4 million in convertible debentures and issued warrants for 8.4 million shares.

Based in London, Vistula is a telecommunications services provider.

On Friday, the company's stock gained $0.05 to close at $1.95.

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