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Network Exploration arranges $500,000 private placement
2008-01-08 15:18 ET - News Release Mr. Alexander Helmel reports
NETWORK EXPLORATION ANNOUNCES PRIVATE PLACEMENT
Network Exploration Ltd. will be conducting a private placement to raise gross proceeds of up to $500,000.
Under the terms of the private placement, the company will offer a maximum of 3,846,154 units at a price of 13 cents per unit. Each unit will consist of one common share of the company and one full share purchase warrant, where each warrant will allow the subscriber to purchase one additional common share of the company at either 18 cents during the first year following the closing of the private placement or at 28 cents during the second year following the closing of the private placement.
In the event that the company's common shares trade at a closing price on the TSX Venture Exchange of greater than 45 cents per share for a period of 20 consecutive trading days at any time after four months and one day following the closing date, the company may accelerate the expiry date of the warrants by giving notice to the holders thereof and in such case the warrants will expire on the 30th day after the date of such notice.
Units issued will be subject to a four-month hold period following the closing of the private placement. Proceeds from this offering will be used for exploration of the company's properties, working capital and general corporate purposes. Finder's fees may be payable.
The private placement and the finder's fee are subject to the acceptance of the TSX Venture Exchange.
We seek Safe Harbor.
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