News

Info Touch announces 'bought deal' stock sale

September 22, 2005

BURNABY, B.C. - Info Touch Technologies Corp. announced in a news release that it has entered into an agreement with a syndicate of underwriters led by GMP Securities Ltd. and including Pacific International Securities Inc., pursuant to which the underwriters will purchase from the corporation 6,154,000 common shares of the corporation on a "bought deal" basis at a price of $0.65 per offered share for gross proceeds of approximately $4,000,000. The corporation has also granted the underwriters the right to arrange for the sale, on a "best efforts" agency basis, of up to an additional 1,540,000 common shares for additional gross proceeds of up to approximately $1,000,000. The proceeds of the offering will be used by the corporation for working capital and general corporate purposes.

The offering is anticipated to close on or about October 6, 2005. The offered shares will be subject to resale restrictions for a period of four months from the closing date under applicable securities legislation. Completion of the private placement will be subject to a number of conditions including, but not limited to, the approval of the TSX Venture Exchange.

[Editor's note: Info Touch Technologies became Tio Networks in April 2006.]