VANCOUVER, June 22 /CNW/ - Network Exploration Ltd. (the "Company") (TSX.V: NET) announces that the TSX Venture Exchange has approved the Company's share consolidation which was approved by the shareholders at the Company's Annual and Special General Meeting held on May 27, 2010 (see the Company's news release dated May 27, 2010).
Effective as of the opening of trading on the TSX Venture Exchange, on Wednesday, June 23, 2010, the Company will commence trading its common shares on a consolidated basis of one (1) post-consolidated common share for every six (6) pre-consolidated Class A common shares held (the "Consolidation") under new CUSIP number 64124B201 and new ISIN number CA64124B2012.
The Company's name and stock symbol will remain the same.
The Company's current issued and outstanding share capital is 68,958,520 common shares and the Company will have 11,493,087 common shares issued and outstanding post-consolidation.
A Letter of Transmittal with respect to the Consolidation is to be mailed to all registered shareholders of the Company on June 23, 2010. All registered shareholders will be required to send their respective certificates representing the pre-consolidated common shares along with a properly executed letter of transmittal to the Company's transfer agent, Computershare Investor Services Inc., in Toronto, Ontario, all in accordance with the instructions provided in the letter of transmittal. All shareholders who submit a duly completed letter of transmittal along with their respective pre-consolidated common share certificate(s) to Computershare, will receive a post -consolidated common share certificate. Any questions should be directed to Computershare Investor Services Inc. at 1-800-564-6253.
Network Exploration Ltd. is a mineral exploration Company engaged in the acquisition and exploration 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