Neotel International Inc.
TSX VENTURE : NIT

Neotel International Inc.

July 25, 2005 10:15 ET

Neotel Closes $531,900 Financing

MARKHAM, ONTARIO--(CCNMatthews - July 25, 2005) - Neotel International Inc. (TSX VENTURE:NIT) ("Neotel") announced today that it has completed the offering of 2,659,500 Units at a price of $0.20 per Unit to raise gross proceeds of $531,900. Each Unit consists of one common share and one common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one additional common share at a price of $0.30 for a period of twelve months from July 21, 2005.

As previously announced in the company's Press Release dated June 28, 2005, Leede Financial Markets Inc. (Leede) has acted as the agent for this offering. It is expected that the Company will be successful in closing on another tranche of this offering as the Company is permitted to sell up to a maximum of 5,000,000 Units for a total of $1.0 million. The expiry date for the offering is August 23, 2005. The offering has been conducted under the Short Form Offering Document rules of the TSX Venture Exchange.

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.

11,873,618 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
    www.neotel.ca