Tel.pacific sell 25 million shares
Posted on July 1, 2007
| Telpacific start selling 25 million shares at $0.20 each to raise $5 million representing 23 percent of total equity. The Company has developed a strong position in the Australian pre-paid calling card market over recent years through the development and delivery of value-enhanced products traded across more than thirty brands. Tel.Pacific’s products are delivered through the Company’s established distribution network which includes niche ethnic markets and through suppliers of electronic terminals. The Company’s products are available in over 15,000 locations throughout Australia. The Offer is expected to raise $5 million through the issue of 25 million Shares at $0.20 per Share. The proceeds of the Offer will be used to fund the acquisition of other businesses which complement the Company’s current operations, to expand the Company’s business into New Zealand, for marketing and development of the Company’s recently launched Recharge Central website and to pay the expenses of the Offer.
Established in 1996, Tel.Pacific is a significant participant in the Australian communications market. The Company’s core business centres around the provision of pre-paid telephony products and services through extensive distribution networks. Since its establishment Tel.Pacific has experienced strong and sustained revenue growth. The purpose of the Offer is to enable Tel.Pacific to gain access to capital markets to pursue its strategic objectives. It is the current intention of the Directors that the funds raised through this Offer will be applied to meet the costs associated with the following:
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» Filed Under Calling Card News
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