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New Tel announcement

  1. NEW TEL LIMITED 2002-07-22 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    New Tel Limited advises it has finalised the terms of the private
    placements to raise $13 million as announced to the market on 15
    March 2002. The funds raised will be used partly to fund the
    acquisition of Digiplus Investments Limited and its Australian
    subsidiary companies (Digiplus) and partly for working capital
    purposes, as announced to the market on 15 March 2002 and 17 June
    2002.

    On the revised terms, the placements, which are subject to
    shareholder approval, are for 65,000,000 New Tel shares at a price of
    $0.20 per share and up to 65,000,000 options exercisable at $0.50 per
    option at any time prior to 31 December 2004.

    The Notice of Meeting and Explanatory Memorandum relating to the
    Digiplus acquisition and the placements will be dispatched to
    shareholders shortly with the meeting to be held at 10.00 am (WST)
    on 22 August 2002 at the Company's head office in Perth, Western
    Australia.


    C Piercy
    COMPANY SECRETARY

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