Published on 11/15/2006 in the Prospect News PIPE Daily.
New Issue: Network CN raises $2 million from private placement of stock
By Sheri Kasprzak
New York, Nov. 15 - Network CN Inc. sealed a $2,000,050 private placement.
The company sold 2,353,000 shares at $0.85 each to Southern Territories Group, Ltd.
Proceeds will be used for general corporate purposes, including the start of activities related to the company's business in China.
Network CN, formerly Teda Travel Group Inc., is a travel and hospitality company focused on three- to five-star hotels in China. The company has headquarters in Hong Kong.
| Issuer: | Network CN Inc.
|
| Issue: | Stock
|
| Amount: | $2,000,050
|
| Shares: | 2,353,000
|
| Price: | $0.85
|
| Warrants: | No
|
| Investor: | Southern Territories Group, Ltd.
|
| Settlement date: | Nov. 15
|
| Stock symbol: | OTCBB: NWCN
|
| Stock price: | $3.25 at close Nov. 15
|
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