Voice Assist, Inc. (OTCBB:VSST) announced a private placement of common shares for gross proceeds of $800,000 on May 16, 2012. The company will issue equity securities along with an option, warrant or other right to acquire another security pursuant to Regulation D. The company will accept a minimum investment of $12,500 from any outside investor. Source Capital Group, Inc. will act as a placement agent for the transaction for remuneration of 7% of the gross proceeds and 3.5% warrants for common equity capital raised and has retained 300,000 restricted common shares. Source Capital Group, Inc. received cash fees of $56,000. As on May 16, 2012, the company has raised $745,000 from 12 investors. The company issued 4,966,667 units at $0.15 per unit. Each unit consists of one common share of the company and one callable warrant. Each warrant entitles the holder to purchase additional common share of the company at $0.50 per share for a period of five years from the date of issuance. The shares are yet to be issued. On May 22, 2012, Voice Assist, Inc. closed the transaction. The company issued 5,333,333 units for gross proceeds of $800,000 to 12 accredited investors. Matthew Browndorf of BP Law Group, LLP served as the legal advisor to the company. The company will pay a fees and disbursements of counsel for the company and special counsel for the holder, in the case of the special counsel, to a maximum amount of $5,000.