Telehop Communications Inc. Announces A Rights Offering
09 July 2011 - 5:37AM
Marketwired
Telehop Communications Inc. (TSX VENTURE: HOP) ("Telehop" or the
"Company") today announced its intention to file a rights offering
circular (the "Rights Offering Circular") with the TSX Venture
Exchange (the "TSX-V") and the securities regulators in respect of
a rights offering to raise net proceeds of approximately $334,775
(the "Offering").
Under the Offering, each registered holder of Shares as of a
record date to be determined in conjunction with the TSX-V will
receive one right (a "Right") for each Share held. Four Rights plus
the sum of $0.10 (the "Subscription Price") are required to
subscribe for one Common Share (the "Basic Subscription
Privilege"). The Rights will expire on a date to be announced (the
"Expiry Date"), after which unexercised Rights will be void and
without value. The Rights will be listed on the TSX-V. Shareholders
who fully exercise their Rights may subscribe pro-rata for any
additional Shares not otherwise subscribed for before the Expiry
Date (the "Additional Subscription Privilege").
To subscribe for Shares, a completed Rights certificate,
together with payment in full of the Subscription Price for the
Shares subscribed for, must be received by the subscription agent
for the Offering, Equity Financial Trust Company (the "Subscription
Agent"), before the Expiry Date.
No Rights will be issued to shareholders who are residents of
any jurisdiction other than British Columbia, Alberta, Ontario and
Quebec. Rights issuable to those shareholders (the "Ineligible
Shareholders") will be issued to and held by the Subscription Agent
as agent for the benefit of Ineligible Shareholders. The
Subscription Agent will, for the account of Ineligible Shareholders
and before the Expiry Date, attempt to sell the Rights allocable to
Ineligible Shareholders on the date or dates and at the price or
prices as the Subscription Agent determines in its sole
discretion.
Jones Gable & Company Limited has agreed to subscribe for,
at the Subscription Price, those Shares not otherwise subscribed
for on the exercise of Rights under the Offering.
The Offering is subject to regulatory approval, including that
of the TSX-V. More details concerning the Offering and the
procedures to be followed by holders of Common Shares will be
contained in the Rights Offering Circular to be mailed to holders
of Shares.
This press release should be read together with, and is
qualified in its entirety by the more detailed information
contained in the Rights Offering, which will be available on SEDAR
at www.sedar.com.
Certain statements in this press release may constitute "forward
looking statements" and involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Corporation to be materially
different from any performance or achievement expressed or implied
by such "forward looking statements".
Contacts: Telehop Communications Inc. Mr. Rajiv Jagota President
and CEO (416) 494 4490 rjagota@telehop.com
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