TUCOWS INC /PA/ — Director's Dealing 2012

Aug 22, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TUCOWS INC /PA/ (TCX)
CIK: 0000909494
Period of Report: 2012-08-20

Reporting Person: Ralls Rawleigh Hazen IV (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-08-20	Common Stock	P	100000	$1.1259	Acquired	4000000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	225000	Indirect
Common Stock	25000	Indirect

Footnotes

F1: These shares are held by Lacuna Hedge Fund LLLP ('Lacuna Hedge') and are indirectly owned by Lacuna, LLC ('Lacuna LLC') and Lacuna Hedge GP LLLP ('Lacuna Hedge GP'). Lacuna LLC serves as the sole general partner of Lacuna Hedge GP, which serves as the sole general partner of Lacuna Hedge. Neither Lacuna LLC nor Lacuna Hedge GP directly owns any securities of the Issuer. Each of Lacuna LLC and Lacuna Hedge GP disclaims beneficial ownership of the securities held by Lacuna Hedge, except to the extent of its pecuniary interest therein. Mr. Ralls is a member of Lacuna LLC. Mr. Ralls disclaims beneficial ownership of the securities held by Lacuna Hedge, except to the extent of his pecuniary interest therein.

F2: The per share price for such shares purchased ranged from $1.10 to $1.16. The Lacuna Entities hereby undertake to provide upon request by the staff of the Securities Exchange Commission full information regarding the number of shares purchased at each separate price.