Neotel International Inc.
TSX VENTURE : NIT

Neotel International Inc.

October 24, 2005 14:41 ET

Neotel Announces Brokered Private Placement

MARKHAM, ONTARIO--(CCNMatthews - Oct. 24, 2005) - Neotel International Inc. ("Neotel") (TSX VENTURE:NIT) announced today that it plans to complete a brokered private placement with Northern Securities Inc. (the "Agent") to raise approximately $750,000. The securities to be issued in the private placement will be Units consisting of one common share and one common share purchase warrant ("Warrant"). The subscription price is anticipated to be $0.20 per Unit. Each Warrant will be exercisable into one common share for a period of twenty-four months from closing at an exercise price of $0.30 per common share.

The Offering is subject to completion of an agency agreement, due diligence by the Agent and receipt of all regulatory approvals. The Company intends to close the private placement on or about November 15, 2005.

ABOUT NEOTEL INTERNATIONAL INC.

Neotel International Inc. is a provider of identity, security and trust solutions as well as professional services specializing in industry based biometric identification solutions. Additional information about Neotel is available at www.neotel.ca.

13,920,784 shares outstanding

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Neotel International Inc.
    Howard Phee
    President
    (905) 948-9229 ext: 22