VANCOUVER, June 10 /CNW/ - Network Exploration Ltd. (the "Company")
(TSX.V: NET) is pleased to announce that the Company has received TSX-Venture
Exchange approval to close the non-brokered private placement of $180,000
announced April 28, 2009.
On June 9, 2009 ("Closing Date") the Company closed a private placement
whereby it issued 6,000,000 Units at a price of $0.03 per Unit. Each Unit
consists of one common share and one share purchase warrant entitling the
holder to purchase one further common share at $0.05 for a one year period
following the Closing Date.
Finder's fees of $10,849 in cash have been paid and 316,596 broker's
warrants have been issued subject to the same terms and provisions as the
warrants outlined above.
All securities issued or made issuable under the 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.
20 placees participated in this private placement including the following
insiders: Alexander Helmel (351,369 Units) and Richard Schnoor (351,333
Units). Proceeds from this private placement will be used for working capital
and general corporate purposes.
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
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
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
For further information:
For further information: Network Exploration, (604) 638-7363