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TUCOWS INC /PA/ Director's Dealing 2012

Jan 26, 2012

33701_dirs_2012-01-26_cdee3df2-fc1b-4213-af51-d237c5c03a3d.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TUCOWS INC /PA/ (TCX)
CIK: 0000909494
Period of Report: 2012-01-26

Reporting Person: Lacuna LLC (10% Owner)
Reporting Person: Lacuna Hedge Fund LLLP (10% Owner)
Reporting Person: Lacuna Hedge GP LLLP (10% Owner)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2012-01-26 Common Stock S 4120465 $.77 Disposed 3729535 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.