On January 12, 2006, Shift Networks Inc. announced that, subject to TSX Venture Exchange approval, it had closed its fully subscribed $2 million brokered private placement, consisting of 20,000,000 Units at $0.10 per Unit. Each Unit consisted of one common share and one-half of one common share purchase warrant. Each share purchase warrant is exercisable into one common share at a price of $0.14 until January 12, 2008.
Shift Networks intends to use the proceeds for network expansion, sales and marketing, and general working capital. The company is the industry leader in next generation Voice over IP services for small to medium-sized businesses.
Rob Mason and Sarah Gingrich of Fasken Martineau advised Loewen, Ondaatje, McCutcheon Limited, the exclusive agent for the Private Placement.