The International Resource Journal: Network closes private placement first tranche

Network closes private placement first tranche
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admin on 22 September, 2009 07:36:00
 
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.