Shift Closes $5.2M Equity Financing

Shift Networks - Smart Business Communications

Shift Announces Closing of $5.2 Million Equity Financing

Calgary, Canada, June 14, 2006 – Shift Networks Inc. (TSX-V:SHF), announced today that the Corporation closed a brokered private placement (“Private Placement”) of units (“Units”), subject to regulatory approval, which raised $5,200,000, an increase from the $5,000,000 previously announced.  The Corporation issued 34,666,667 Units at $0.15 per Unit.  Each Unit consisted of one common share and one-half of one common share purchase warrant.  Each common share purchase warrant is exercisable into one common share at a price of $0.18 until June 14, 2008.

Loewen, Ondaatje, McCutcheon Limited acted as lead agent for this Private Placement, and received a cash commission and Agent’s Warrants.  Each Agent’s Warrant is exercisable until June 14, 2006 into one Unit at a price of $0.15 per Unit.  Each Unit consists of one common share and one-half of one common share purchase warrant exercisable into one common share at a price of $0.18 until June 14, 2008.

The Units issued pursuant to the private placement are subject to a four month hold period.  Shift intends to use the proceeds of the Private Placement as follows:

-    accelerate expansion into Eastern Canada, specifically Toronto, and continue to fund growth in Calgary, Edmonton and Vancouver;
-    deploy new network technology to increase margins, features and services; and
-    reduce demand barriers with lower priced telephone handsets bundled with monthly service.

Shift Networks is the leader in next generation Voice over IP services for small to medium-sized businesses. Shift Networks trades on the TSX Venture Exchange under the symbol "SHF". Please visit our website at www.shiftnetworks.com.

For information please contact:

Press & Media            Shift Networks Inc.                       
Christian Darbyshire        Trent Johnsen
(416) 419-9953            President and CEO   
tinepublic@shaw.ca        (403) 355-2703   
                                     trent.johnsen@shiftnetworks.com   


The TSX Venture Exchange does not accept responsibility for the adequacy and accuracy of this release.
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This page contains a single entry by published on June 14, 2006 11:18 AM.

SMB VoIP is alive and well in Canada was the previous entry in this blog.

Om points to the outfield is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

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