Velatel Global Comm. (fka VELA)

[GorillaGorilla]

CHTL - amending financing

- received $10 million from Isaac

They've changed when they need the cash - having staged the amounts rather than in 2 blocks. They also seem to have shared the amount evenly between the 2 investors.

CHTL Receivng Money...

Originally
By March 1, 2010, ChinaTel will have received $241 million, and the balance of $399 million by June 1, 2010


Now [2]
Under the terms of its SPA Amendment, Excel will pay an installment of $239 million by March 31; 2010 and the remaining balance of $80 million by December 31, 2010. Under its SPA Amendment, Isaac elected to accelerate its second installment payment of $10 million to March 5, 2010, instead of March 31, 2010 as called for under the original SPA. Isaac will pay an additional $20 million by March 31, 2010; $129 million by June 1, 2010; $80 million by September 30, 2010; and the balance of $80 million by December 31, 2010. The dates and amounts of each investor's installment payments were structured to meet the existing needs of ChinaTel's wireless broadband network deployment schedule.

Financers

Originally
Excel Era Limited $480 M for 160 M shares
Isaac $160 million for 53 M shares

Now
Isaac 106.4 M Shares
Excel 106.4 M Shares

[1] http://finance.yahoo.com/news/ChinaTel-Closes-US640-Million-prnews-3945653742.html?x=0&.v=1

[2] http://finance.yahoo.com/news/ChinaTel-Closes-US640-Million-prnews-3945653742.html?x=0&.v=1