By Laura Lutz
Des Moines, March 27 - Ramtelecom Inc. scrapped its previously announced C$1.1 million private placement of shares and priced a C$1.1 million offering of units to replace it.
The new private placement will include up to 2.75 million units of one share and one warrant at C$0.40 per unit. Each warrant will be exercisable at C$0.55 from Oct. 1, 2007 to Oct. 1, 2008.
The cancelled placement of shares was to have included up to 2,444,444 shares at C$0.45 each.
The new placement will be non-brokered.
Proceeds will be used to purchase a new hub location in the United States, to upgrade the company's Canadian network and for working capital.
The private placement is consistent with the terms of Ramtelecom's planned acquisition by SkyPort Global Communications (Canada) Inc., according to a Ramtelecom news release.
Ramtelecom is a satellite information services provider based in Ottawa.
Issuer: | Ramtelecom Inc.
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Issue: | Units of one share and one warrant
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Amount: | C$1.1 million
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Units: | 2.75 million
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Price: | C$0.40
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Warrants: | One per unit
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Warrant expiration: | Oct. 1, 2008
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Warrant strike price: | C$0.55
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Agent: | Non-brokered
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Pricing date: | March 26
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Stock symbol: | TSX Venture: RTC
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Stock price: | C$0.44 at close March 26
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