VANCOUVER, June 7 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) announces that further to the Company's May 27, 2010 news release, in particular, shareholder approval at its May 27, 2010 Annual and Special General Meeting to the consolidation of the Company's Common Shares on the basis of one (1) post-consolidated Common Share for every six (6) pre-consolidated Common Shares (the "Consolidation"), the board of directors of the Company has approved the Consolidation, subject to the approval of the TSX Venture Exchange (the "TSX-V"). The Company is the process of completing the Consolidation and will provide further details of the regulatory approval process in due course.
The Company currently has 68,958,520 issued and outstanding Common Shares. On a six (6) for one (1) basis (the "Consolidation Ratio"), the Company would have approximately 11,493,087 shares outstanding following the Consolidation. The exact number of post-consolidated shares will vary depending on the treatment of fractional shares which will occur when each shareholder's holdings in the Company are consolidated. Outstanding stock options and warrants would similarly be adjusted by the Consolidation Ratio.
The Board does not intend to change the name nor the ticker symbol of the Company upon completion of the consolidation of the Common Shares.
Details of the Consolidation are contained in the Company's information circular mailed to the shareholders on April 29, 2010 and filed on SEDAR (www.sedar.com).
About Network Exploration Ltd.
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. For additional information, contact the company at 604 638-7363 (toll free 866 637-5138) or visit the Company's website: www.networkexploration.com
ON BEHALF OF THE BOARD OF DIRECTORS
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.
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.
SOURCE Network Exploration Ltd.
For further information: For further information: Network Exploration Ltd., (604) 638-7363, toll-free, 1-866-637-5138