Ramtelecom Inc.

Ramtelecom Inc.

April 24, 2007 17:42 ET

Ramtelecom Inc.: Announcing Closing of Private Placement and Extension of Date in Letter of Intent

OTTAWA, ONTARIO--(CCNMatthews - April 24, 2007) - Ramtelecom Inc. (the "Corporation" (TSX VENTURE:RTC) announces, further to its press release issued March 26, 2007, that it has closed its non-brokered private placement (the "Private Placement") of 1,884,780 units of the Corporation ("Units") at a price of $0.40 per Unit for gross proceeds of $753,912. Each Unit consists of one common share of the Corporation and one common share purchase warrant ("Warrant"), with each Warrant entitling the holder thereof to purchase one additional common share of the Corporation at a price of $0.55 per common share up to October 1, 2008. Each Warrant shall only be exercisable from and after October 1, 2007 and shall be null and void thereafter if prior to such date the proposed acquisition by SkyPort Global Communications (Canada) Inc. ("SkyPort") referred to below closes.

The Corporation paid $32,452 as a finder's fee equal to 7% of a portion of the gross proceeds raised under the Private Placement.

All common shares and Warrants included in the Units issued pursuant to the Private Placement, and all common shares issuable upon the exercise of the Warrants included in the Units are restricted from trading until August 21, 2007 (August 24, 2007 as to 50,000 Units which were issued on April 23, 2007).

On February 21, 2007, the Corporation announced that it had entered into a letter of intent (the "Letter of Intent") with SkyPort whereby the parties agreed to formalize and execute a definitive agreement pursuant to which SkyPort will acquire all of the issued and outstanding common shares of the Corporation at a price of $0.60 per common share. The Corporation and SkyPort have agreed to extend from April 23, 2007 to May 3, 2007 as the date by which SkyPort's due diligence is to be completed and the definitive agreement is to be executed.

About Ramtelecom Inc.

The Corporation is a satellite service provider delivering flexible, scalable solutions for broadband data and voice business communications. The Corporation's fixed and mobile satellite-based communication services and value-add solutions are designed for medium and large enterprises in oil and gas, mining and forestry and government agencies. With complete coverage of the North American market, the Corporation's satellite broadband services help organizations achieve greater operational efficiency by providing continuous real-time communications between central offices and remote locations anywhere in North America.

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

Contact Information

  • Ramtelecom Inc.
    R. A. (Ralph) Misener
    President and Chief Executive Officer
    (613) 747-1836 Ext. 124
    Email: rmisener@ramtelecom.ca
    Ramtelecom Inc.
    Bob Ardiel
    Chief Financial Officer
    (403) 850-8897
    Email: bardiel@ramtelecom.ca