"I believe increasing this offering and using the proceeds to repay existing debt places the Company in a stronger financial position by providing liquidity and lowering the Company's outstanding debt significantly." said Steven van der Velden, Chief Executive Officer of the Company. "The $12 million in equity financing, combined with the approximately $1.5 million that was raised in May, is an integral part of the Company's plan to regain compliance with the NYSE MKT. I look forward to focusing the majority of my time on growing the Company's Mobile and Security businesses and on generating positive operational cash flow on a more consistent basis."The Company intends to use the net proceeds from this offering for working capital and other general corporate purposes, including repayment of the outstanding obligations under all secured senior convertible notes the Company issued on March 29, 2012.
Elephant Talk Communications To Raise $12 Million In Registered Direct Offering From Investors
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