VANCOUVER, Jan. 12 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) is pleased to announce that the Company will be conducting a private placement to raise gross proceeds of up to CDN $1,300,000.
Under the terms of the private placement, the Company will offer a maximum of 26,000,000 Units at a price of five 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 10 cents during the first year following the closing of the private placement or at 15 cents during the second year following the closing of the private placement.
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 at the Company's projects, working capital and general corporate purposes. Finder's fees may be applicable.
The private placement and the finder's fee are subject to the acceptance by the TSX Venture Exchange.
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.
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.
SOURCE Network Exploration Ltd.
For further information: For further information: please contact the office at (604) 638-7363 or toll-free at 1-866-637-5138, or visit www.networkexploration.com