VANCOUVER, Sept. 11 /CNW/ - Network Exploration Ltd. (the "Company")
(TSX.V: NET.H) is pleased to announce that the Company has received
TSX-Venture Exchange approval to close its non-brokered private placement of
The placement closed September 7, 2007 and the Company issued 4,297,000
Units at a price of $0.20 per Unit. Each Unit consists of one common share and
one share purchase warrant entitling the holder to purchase one further common
share for a period of one year from closing at a price of $0.25.
Finder's fees of $62,064 in cash have been paid and 41,625 Finder's Units
at a price of $0.20 per Unit have been issued. Each Finder's Unit consists of
one common share and one finder's warrant with each finder's warrant entitling
the holder to purchase an additional common share for a period of one year
from the date of issuance at a price of $0.25.
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.
The Private Placement is an integral part of the Company's reactivation
as a Tier II company. The TSX Venture Exchange has conditionally approved the
reactivation and accordingly, the transfer from the NEX board to Tier II is
expected to occur within the next week.
The proceeds from this financing will be used for the Company's upcoming
drill program at its Caldera property in Chile, geological expenses, due
diligence for new acquisitions, and for 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.
ON BEHALF OF THE BOARD OF DIRECTORS
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
For further information:
For further information: contact the company at (604) 638-7363 (toll
free 866 637-5138) or visit the Company's website: www.networkexploration.com