New York, Aug. 26 - Yangtze Telecom Corp. said it is negotiating a non-brokered private placement for up to C$2.7 million.
The company will sell 15 million shares at C$0.18 each.
To date it has received commitments for C$1.8 million.
Proceeds will be used to increase the company's ownership of China United Telecom Technology Co. Ltd., which will use the investment to develop its business.
Yangtze Telecom is a Vancouver, B.C., developer of services using voice, internet and wireless data communication technologies. So far it has developed credit management, distance learning and voice information.
Issuer: | Yangtze Telecom Corp.
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Issue: | Stock
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Amount: | C$2.7 million
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Shares: | 15 million
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Price: | C$0.18
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Warrants: | No
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Announcement date: | Aug. 26
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Stock price: | C$0.14 at close Aug. 26
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