SHERWOOD PARK, ALBERTA--(Marketwire - June 26, 2012) -
NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.
Virtutone Networks Inc. (TSX VENTURE:VFX) ("Virtutone" or the "Corporation") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement"). Pursuant to the Private Placement, the Corporation issued 1,180,000 common shares ("Common Shares") of the Corporation at a price of $0.20 per share for aggregate gross proceeds of $236,000.
The Common Shares issued pursuant to the Private Placement are subject to a hold period of four months and one day from the closing date as well as other restrictions with respect to sales from control positions.
The proceeds of the Private Placement will be used for general working capital and corporate purposes.
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the number of common shares to be sold pursuant to the Private Placement, the purchase price per share, the use of proceeds from the Private Placement, and the expected closing date. These forward-looking statements are based upon the opinions, expectations, estimates and assumptions of management as at the date the statements are made, including, without limitation, assumptions with respect to the receipt of regulatory approval for the Private Placement and general economic conditions in North America. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, risks that the Private Placement will not be completed or if completed not on the same terms as disclosed above and a failure to obtain necessary regulatory approvals. The statements in this news release are made as of the date of this release. We undertake no obligation to update such forward-looking information except as required by applicable securities laws.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.