NETWORK EXPLORATION CLOSES PRIVATE PLACEMENT
VANCOUVER, Feb. 14 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) is pleased to announce that the Company has received TSX-Venture Exchange approval and has closed its non-brokered private placement announced Jan 17th, 2011 and amended Jan 18th, 2011.
On Feb 10, 2011 (the "Closing Date") the Company closed a private placement whereby it issued 10,000,000 Units at a price of $0.065 per Unit. Each Unit consists of one common share and one share purchase warrant entitling the holder to purchase one further common share at $0.10 for a period of one year following the Closing Date.
The Company paid finder's fees of $39,390 and issued 606,000 broker's warrants subject to the same terms and provisions as the warrants outlined above.
All securities issued or made issuable under this private placement are subject to a four month hold period from the Closing Date and will become free trading 4 months and one day from the Closing Date.
Proceeds from this private placement will be used for working capital.
Network Exploration Ltd. is a mineral exploration company committed to building shareholder value through the acquisition of base and precious metal properties in North and South America.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Forward-Looking Statements: This news release has been prepared by management. This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or achievements implied by these forward looking statements.
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
For further information:
please contact the office at 604-638-7363 or toll-free at 1-866-637-5138, or visit www.networkexploration.com