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STN INCORPORATED RECEIVES SUBSCRIPTIONS FOR SPECIAL WARRANTS

 TORONTO, Dec. 23 /PRNewswire/ -- STN Incorporated announced today that it has received subscriptions for special warrants exercisable for common shares of the corporation, on a private placement basis, through its agent, Deacon Barclays de Zoete Wedd Limited. The total proceeds from the issuance of special warrants will be C$12,000,000 based on an issue price of C$5.00 per special warrant. The issue of special warrants is expected to close on or about Dec. 29, 1992.
 The proceeds of the issue will be released to the corporation subject to the satisfaction of certain conditions including the receipt for a preliminary prospectus from the Ontario Securities Commission. Upon release, the proceeds will be used for general working capital, geographic expansion of the corporation's business, research and development of new products for core business segments, potential acquisitions and marketing and distribution activities.
 STN Incorporated, which carries on business under the name "Smart Talk Network," provides long distance telephone services to commercial and residential customers located in the southwestern region of Ontario. These services enable customers to make long distance telephone calls within Canada, to the United States and to International call destinations.
 All matters pertaining to the private placement are subject to regulatory approval.
 -0- 12/23/92
 /CONTACT: Andy Sartor, chief executive officer of STN, 519-436-8255/
 (STH.)


CO: STN Incorporated ST: Ontario IN: TLS SU:

GK -- NY025 -- 9536 12/23/92 11:38 EST
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Publication:PR Newswire
Date:Dec 23, 1992
Words:236
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