Verb Exchange cancels C$5.18 million private placement of units

By Devika Patel

Knoxville, Tenn., Dec. 5 - Verb Exchange Inc. announce that it has jointly agreed with agents Magna Partners Ltd. and Desjardins Securities Inc. to cancel the C$5,175,000 private placement of units announced on Dec. 5.

The company had planned to sell 12,937,500 units at C$0.40 apiece. Each unit was to consist of one common share and one half-share warrant. Each whole warrant would have been exercisable at C$0.60 for 18 months.

Proceeds were to have been used to expand the company's global reach.

Verb Exchange is a communications services provider based in Vancouver, B.C.

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