Financing done
Decided to buy a few more. Wasn't much stock available so had to step up and buy at .30. Financing is fairly small but likely indicates VFX is growing faster than expected. I think the upside here is significant. They have capacity to sell up to 1.2 billion minutes a month versus the 44million minutes/month they have announced closing since beginning the wholesale program in April. In addition to capacity, they have excellent rates they can offer big players. So far they haven't snagged any of the bigger VOiP providers in North America. One of those could change the minutes and revs very quickly. Very illiquid stock but a very simple business plan that could transform VFX P&L statements with little additional investment in equipment and personnel. They have the capacity, they just need profitable sales at this point.
Virtutone Networks Inc. ("Virtutone" or the "Corporation") (VFX.V) 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 1,500,000 common shares ("Common Shares") of the Corporation at a price of
.20 per share for aggregate gross proceeds of $300,000.00.
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.