VANCOUVER, Dec. 14, 2017 /CNW/ - Network Media Group Inc. (TSX: NTE.V) and Network Entertainment Inc. ("Network" or "the Company"), announces that it has closed a non-brokered private placement of 12,650,001 common shares of the Company (the "Shares") at $0.15 per Share for gross proceeds of $1,897,500.15 (the "Offering") on December 13, 2017.
All Shares issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with the policies of Exchange and applicable securities legislation. The net proceeds of the Offering will be used to retire indebtedness and for working capital.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
ON BEHALF OF THE BOARD OF DIRECTORS OF NETWORK MEDIA GROUP INC.
"Derik A. Murray"
Derik A. Murray
Chief Executive Officer and Director
About Network Media Group Inc./Network Entertainment Inc.
Network Media Group is focused on becoming one of the world's leading developers and producers of entertainment properties for the global marketplace and its worldwide audience. It is the parent company of Network Entertainment Inc., an established television and film production company with an award-winning international reputation. Its productions include the Academy Award shortlisted feature documentary Facing Ali, as well as documentaries on the lives of Bruce Lee, Steve McQueen, Evel Knievel, Johnny Cash, Chris Farley (which set all time ratings records for Spike), JFK Jr. and, most recently, Heath Ledger. The Company recently received the prestigious Realscreen Award in 2017 for Non-Fiction – History/Biographical Series for its documentary series Facing. Network's past projects and current productions can be viewed at www.networkentertainment.ca. For further information concerning this press release, please email [email protected]
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.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties, including the Company not obtaining required TSX Venture Exchange approval of the Transaction and the Transaction not being completed as proposed or at all. These statements are necessarily based upon management's perceptions, beliefs, assumptions and expectations, as well as a number of specific factors and assumptions that, while considered reasonable by management of the Company as of the date of such statements, are inherently subject to significant uncertainties and contingencies that could result in the forward-looking information ultimately, perhaps materially, being incorrect. All forward‐looking information in this news release involve known and unknown risks, uncertainties and other factors that are beyond the control of the Company and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward‐looking information. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE Network Entertainment Group Inc.
For further information: concerning this press release, please email [email protected]