New Issue: Elephant Talk wraps $2.16 million tranche of $7 million placement of shares

By Devika Patel

Knoxville, Tenn., June 13 - Elephant Talk Communications, Inc. said in an 8-K filed Friday with the Securities and Exchange Commission that it completed a second tranche of a $7 million private placement of stock for $2.16 million. The company raised $1.15 million in the first tranche on May 13.

The company sold 51,342,190 common shares at $0.042 per share in this tranche. It sold 27,380,952 shares in the first tranche and 78,723,142 shares total.

The investors also received warrants for 51,342,190 common shares, exercisable for five years at $0.05 and warrants for 25,671,095 common shares, exercisable for five years at $0.058.

In the first tranche, investors received warrants for 27,380,952 common shares, exercisable for five years at $0.05 and warrants for 13,690,476 common shares, exercisable for five years at $0.058.

A registered Finra broker dealer was the placement agent.

Based in Orange, Calif., Elephant Talk is a long-distance communications carrier.

Issuer:	Elephant Talk Communications, Inc.
Issue:	Common stock
Amount:	$7 million
Price:	$0.042
Warrants:	For 118,084,713 shares
Warrant expiration:	Five years
Warrant strike price:	$0.05 (for 78,723,142 shares), $0.058 (for 39,361,571 shares)
Settlement date:	May 13 (for $1,149,999.984), June 13 (for $2,156,371.98)
Stock symbol:	OTCBB: ETLK
Stock price:	$0.06 at close May 13

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