VANCOUVER, Jan. 8 /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 $500,000.
Under the terms of the private placement, the Company will offer a
maximum of 3,846,154 Units at a price of 13 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 18 cents during the first
year following the closing of the private placement or at 28 cents during the
second year following the closing of the private placement.
In the event that the Company's common shares trade at a closing price on
the TSX Venture Exchange of greater than 45 cents per share for a period of 20
consecutive trading days at any time after four months and one day following
the closing date, the Company may accelerate the expiry date of the Warrants
by giving notice to the holders thereof and in such case the Warrants will
expire on the 30th day after the date of such notice.
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 of the Company's properties, working capital and general corporate
purposes. Finder's fees may be payable.
The private placement and the finder's fee are subject to the acceptance
of 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. 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
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: Cristina Bittante, Corporate Communications,