AireSurf Networks Holdings Inc.
CNQ : AIRE

AireSurf Networks Holdings Inc.

November 13, 2006 13:42 ET

Airesurf Closes First Tranche of Private Placement and Files Articles of Amendment

TORONTO, ONTARIO--(CCNMatthews - Nov. 13, 2006) - Airesurf Networks Holdings Inc. (CNQ:AIRE) announces that further to its press release dated September 5, 2006 regarding a proposed private placement of up to 6,250,000 units of the Company, it has completed the first tranche of 864,450 units at a price of $0.08 per unit for gross proceeds of $69,156. Each unit is comprised of one common share and one common share purchase warrant, each warrant entitles the holder thereof to acquire a common share for a period of eighteen months from the date of issuance, exercisable at a price of $0.15 per share. The proceeds of the offering will be used for general working capital purposes.

Completion of the private placement is subject to regulatory approval, including satisfaction of the requirements of the CNQ.

In addition, the Company announces that by articles of amendment dated October 3, 2006 the Company redesignated all of its Class "A" Voting shares as common shares. The redesignation of the shares of the Company in no way prejudices the validity of any certificates evidencing the current Class "A" voting shares of the Company, and the Company will issue a replacement certificate for a common share to any holder who surrenders a certificate representing a Class "A" Voting share. A Letter of Transmittal is available at www.sedar.com or the Company will provide a copy of the Letter of Transmittal to any shareholder, upon written request to the President at 121 Richmond Street West, Suite 501, Toronto, Ontario M5H 2K1, Fax:(416) 861-0749.

Shares Outstanding: 30,828,529

Contact Information

  • Airesurf Networks Holdings Inc.
    Mr. Paul Brent
    President
    (416) 368-9411
    (416) 861-0749 (FAX)