VANCOUVER, Sept. 22 /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 first tranche ($285,000) of its non-brokered private placement announced August 12, 2009.
On September 21st, 2009 ("Closing Date") the Company closed the first tranche of its private placement whereby it issued 7,125,000 Units at a price of $0.04 per Unit. Each Unit consists of one common share and one share purchase warrant entitling the holder to purchase one further common share at $0.08 for a one year period following the Closing Date.
Finder's fees of $21,540 in cash have been paid and 375,000 finder'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.
28 placees participated in this private placement including the following insiders: Alexander Helmel (390,000 Units) and Richard Schnoor (300,000 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 website: www.networkexploration.com.
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 Commission.
SOURCE Network Exploration Ltd.
For further information: For further information: Network Exploration, (604) 638-7363