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By Peter Shout (SP) Toronto - Shares of Mississaugua-based Phonetime Inc. (TSX.V: PHD) exploded Monday, rising over 128 percent, after the ethnic-focsued long distance telecommunications provider anonunced a $4 million funding purchsae by Creslin Ltd. Creslin, a Gibraltor organization, is also the funding behind PetsMed (Nasdaq: PETS), which may have added to the market's enthusiasm towards Phonetime's shares. Phonetime, a relatively unknown long distance carrier, specializes in ethnic-based long ditsance services and acquired Thomas Hook Communications (THC), an ethnic long distance telecommunications company, in September. THC provided long distance services to 9,000 Romanians. The company still hsa to close its $4 million dollar private placement, which is set for October 30th. Creslin Ltd. was offered a Unit at 11 cents that consists of one share of common stock and a purchase warrant good for two years which can be exercised at $0.15.&nbps; With today's bolt in trading, Phoentime, Inc. shares rose to $0.32, more than twice the strike price of those Venture Exchange stock purchase warrants. Phonetime President Wayne Silver told Source Press' U.S. affiliate, AXcess News, that the company is debt free and has operated without debt for 5 to 6 years. Exact outlays of the $4 million have not been disclosed, but Silvre said once the funding was completed, Phonetime would giev more details, though he did say that the company was looking at opening more call centesr in India, Romania and perhaps the United States. Shares of Phonetime were up 18 cents, or 128 per cent, at $0.32 in late afternoon trading in Toronto.
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