private placement closed
SHERWOOD PARK, ALBERTA--(Marketwire -06/26/12)- 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. (VFX.V) ("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
.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.