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(TSX: "BZZ")
MONTREAL, June 29 /CNW Telbec/ - Buzz Telecommunications Services Inc. ("Buzz Telecom") announces today the closing of an initial round of its non-brokered private placement resulting in gross proceeds of $205,000 being received by Buzz Telecom. Pursuant to this private placement, Buzz Telecom issued an aggregate of 1,640,000 units at a price of $0.125 per unit, with each unit being comprised of one common share and one common share purchase warrant. Each common share purchase warrant entitles its holder to acquire one common share at a price of $0.25 at any time before June 28, 2009. The units are subject to a four month hold period during which no transactions are permitted. Such hold period will expire on October 29, 2007.
Axion Capital received a cash commission of $20,500 representing 10% of the gross proceeds of the private placement.
About Buzz Telecom Inc.
Buzz Telecom is a unique long distance service provider which specializes in dial around long distance services such as its 10-11-555 by the minute billing service and its 10-11-289 bundle of minutes service. Clients can effectively dial around their existing carriers by dialing 10-11-555 or 10-11-289, and the desired telephone number and the charges appear directly on the client's regular telephone bill. Buzz Telecom presently offers its services in Quebec and Ontario to Bell, Videotron and most recently to Fido Solutions clients. Buzz Telecom continues to develop innovative long distance products for its clients in an effort to provide the highest quality long distance services as competitively priced as reasonably possible.
Buzz Telecom also offers a selection of prepaid calling cards that customers can use from anywhere in the world, to anywhere in the world.
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or accuracy of this press release.