Uniserve Communications Corporation

Uniserve Communications Corporation

June 10, 2015 09:01 ET

Uniserve Closes 12,353,000 Unit Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 10, 2015) - Uniserve Communications Corporation ("Uniserve" or the "Company") (TSX VENTURE:USS) is pleased to announce that it has increased its originally announced 12,000,000 Unit private placement as announced pursuant to its April 29, 2015 press release, to 12,353,000 Units, the Unit price being revised to $0.06 per Unit by press release dated May 19, 2015, and closed this transaction having received TSX Venture Exchange approval.

The placement of 12,353,000 Units at $0.06 per Unit resulted in aggregate proceeds of $741,180. Each Unit consists of one common share and one transferrable full share purchase warrant with each one warrant exercisable into one additional common share of the Company at $0.10 per share for a two year period.

Of the total proceeds of $741,180, Uniserve management, staff, financiers and consultants participated over 85% of the offering. Proceeds of the offering will be used to reduce debt and for working capital. No finder's fees are payable pursuant to this private placement.

As a result of the completion of this placement, director and Chairman, Michael C. Scholz, will hold an aggregate of 30% of the issued and outstanding stock of the Company.

In addition, the Company further wishes to announce that it has cancelled all incentive stock options currently in place and has no intention of issuing any further incentive stock options in the foreseeable future.

Uniserve Communications Corporation (TSX VENTURE:USS) is an industry leader in the integration and delivery of voice, data and cloud computing services to businesses and retail consumers throughout Canada. For more information about Uniserve, its products and services please visit www.uniserve.com.

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

Michael C. Scholz, Chairman of the Board

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management's estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.

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