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Virtutone Networks Inc. Announces Closing of Non-Brokered Private Placement

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By Accesswire

Sherwood Park, Alberta, November 29, 2013- Virtutone Networks Inc. ("Virtutone" or the "Corporation") (TSX Venture: VFX.V) is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement"). Pursuant to the Private Placement, 6,000,000 units ("Units") of the Corporation were issued at a price of $0.25 per Unit for aggregate gross proceeds of $1,500,000. Each Unit is comprised of: (i) one common share ("Common Share") of the Corporation; and (ii) one half of one Common Share purchase warrants (the "Warrants"). Each whole Warrant will entitle to holder to purchase one Common Share at an exercise price of $0.375 for a period ending November 30, 2015.

The securities issued pursuant to the Private Placement are subject to a hold period of four months and one day from the closing date as well as other restrictions with respect to sales from control positions.

Proceeds from the Private Placement will be used for general working capital and corporate purposes.

For further information, please contact: Colin Campbell, Chief Financial Officer of Virtutone at (780) 702-5777.

Cautionary Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the use of proceeds from the Private Placement. These forward-looking statements are based upon the opinions, expectations, estimates and assumptions of management as at the date the statements are made, including, without limitation, assumptions with respect to the receipt of final regulatory approval for the Private Placement. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, failure to obtain necessary regulatory approvals. The statements in this news release are made as of the date of this release. We undertake no obligation to update such forward-looking information except as required by applicable securities laws.

Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.