UNISERVE COMMUNICATIONS CORPORATION

January 06, 2005 15:59 ET

Uniserve Communications Corporation: Update to Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: UNISERVE COMMUNICATIONS CORPORATION

TSX VENTURE SYMBOL: USS

JANUARY 6, 2005 - 15:59 ET

Uniserve Communications Corporation: Update to Private
Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 6, 2005) - Uniserve
Communications Corporation (TSX VENTURE:USS) (the "Company") announces
that further to its news release of October 5, 2004, and confirmed by
news release dated November 25, 2004, it has modified the unit price and
term of the warrants to the non-brokered private placement which was
approved by the Company's shareholders at its annual meeting held on
November 5, 2004. The Company proposes to issue up to 1,400,000 units
from a unit price of $0.40 to a unit price of $0.48, each unit being
comprised of one common share and one common share purchase warrant,
each two warrants entitling the subscriber to acquire one additional
common share from an exercise price of $0.48 to an exercise price of
$0.60 over a 12-month term from the date of Closing, subject to
regulatory approval. The proceeds in this financing will be used to
reduce indebtedness and for working capital. There will be no finder's
fee payable in this private placement transaction.

The private placement is anticipated to close on or before the end of
January, 2005.

CLOSING OF SECOND AND FINAL TRANCHE OF PRIVATE PLACEMENT

The Company further announces TSX Venture Exchange approval to the
second and final tranche of its private placement announced on October
5, 2004, which will result in the issuance of a total of 1,750,000 units
at a unit price of $0.40, each unit being comprised of one common share
and one common share purchase warrant, each warrant entitling the
subscriber to acquire one additional common share, for a total of up to
1,750,000 additional common shares in the capital stock of the Company,
at an exercise price of $0.44 per share exercisable up to and including
August 31, 2005. There will be a TSX Venture Exchange four month hold
period on all shares issued pursuant to this tranche. The first tranche
of this placement closed on November 19, 2004.

This press release was prepared on behalf of the Board of Directors,
which accepts full responsibility for its contents.

On Behalf of the Board:

Original signed by William Spratt

William Spratt, President and CEO

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Uniserve Communications Corporation
    Suite 1550, 1055 West Hastings Street
    Vancouver, British Columbia Canada V6E 2E9
    (604) 687-8030
    (604) 687-8130 (FAX)
    Website: www.uniserve.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.