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Orascom Telecom Funds English-learning Website In China
August 28, 2008 |
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| Category: Internet
Lingo Media has received USD5,000,000 in financing from Orascom Telecom to be used for ongoing development, maintenance and operation of Lingo Media's Speak2Me web portal and for general working capital purposes in China.
The financing will consist of the issuance of 2,857,143 special warrants at a price of USD1.75 per special warrant for gross proceeds of USD5,000,000. Lingo Media anticipates that payment and delivery of the special warrants will occur on or about September 9, 2008. All securities issued pursuant to the financing have a four-month hold period from the closing date. The financing is subject to TSX Venture Exchange acceptance of requisite regulatory filings.
Orascom Telecom is a leading international telecommunications company operating GSM networks in six high growth markets in the Middle East, Africa and South Asia, having a total population under license of approximately 450 million with an average mobile telephony penetration of approximately 41% as of March 31, 2008.
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