By Devika Patel
Knoxville, Tenn., June 4 - Network Exploration Ltd. said it plans to conduct a C$1.5 million non-brokered private placement of units.
The company will sell 15 million units of one common share and one non-transferable warrant at C$0.10 apiece. Each two-year warrant will be exercisable at C$0.15 for the first year and at C$0.25 from the second year onwards.
The warrants may expire sooner if the company's shares close at C$0.40 or higher for 20 consecutive trading days. In that case, the warrants will expire on the 30th day after the company notifies holders.
Proceeds will be used for exploration, working capital and general corporate purposes.
Network Exploration is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Network Exploration Ltd.
|
| Issue: | Units of one common share and one non-transferable warrant
|
| Amount: | C$1.5 million
|
| Units: | 15 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15 for the first year, C$0.25 thereafter
|
| Agent: | Non-brokered
|
| Pricing date: | June 4
|
| Stock symbol: | TSX Venture: NET
|
| Stock price: | C$0.105 at close June 3
|
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