30th March 2012

Uniserve Closes Oversubscribed Private Placement

uniserveUniserve Communications Corporation announced yesterday that it has closed the non-brokered private placement previously announced on February 7, 2012 and March 15, 2012. The unit private placement was oversubscribed for proceeds of $492,975.

The closing consisted of 7,042,500 units at a price of $0.07 per Unit. Each Unit consists of one common share of the Company and one-half of a Share purchase warrant. Each Warrant entitles the holder thereof to purchase one Share at a price of $0.10 per Share until March 23, 2013.

In connection with the Offering, the Company has paid a cash commission in the amount of $11,200.00, being 8% of the aggregate proceeds from the sale of Units to purchasers introduced by a finder. The Company has also issued Warrants to acquire a total of 190,000 Shares, being 8% and 10% of the number of Units sold under the Offering to purchasers introduced by the respective finders.

All securities issued under the Offering are subject to a four month hold period ending July 24, 2012 in accordance with applicable Canadian securities laws. Proceeds of the placement will be utilized in furthering the Company’s marketing plans relating to Uniserve’s Cloud Computing services and general working capital.

The Company is also in the process of concluding discussions with a Vancouver based VOIP application developer to provide various infrastructure services in support of their operational platform, as well as a collaboration agreement with a nationally known technology incubator. Details of these business relationships will be announced upon execution of the formal agreements.

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

This entry was posted on Friday, March 30th, 2012 at 5:36 am and is filed under Business News, National News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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