By Sheri Kasprzak
New York, Nov. 1 - Network CN Inc. has completed a second private placement in as many weeks, this time for proceeds of $1.02 million.
The company issued 1.2 million shares at $0.85 each to a new shareholder based in Hong Kong.
On Oct. 24, the company sold 1.3 million shares at the same price to investor Lee Wing On Samuel for $1,105,000 in proceeds.
Proceeds will be used for activities related to the company's proposed business in China as well as for general corporate purposes.
Hong Kong-based Network CN is a media network company focused on developing networks throughout China, including a hotel network.
| Issuer: | Network CN Inc.
|
| Issue: | Stock
|
| Amount: | $1.02 million
|
| Shares: | 1.2 million
|
| Price: | $0.85
|
| Warrants: | No
|
| Settlement date: | Nov. 1
|
| Stock symbol: | OTCBB: NWCN
|
| Stock price: | $1.70 at close Oct. 24
|
| Stock price: | $1.69 at close Oct. 31
|
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