By Devika Patel
Knoxville, Tenn., July 3 - Network Exploration Ltd. said it is reducing a non-brokered private placement of units to C$750,000 from C$1.5 million. The deal priced on June 4.
The company will now sell 15 million units of one common share and one non-transferable warrant at C$0.05 per unit. It planned to sell 15 million units at C$0.10 apiece. Each two-year warrant will be exercisable at C$0.10 for the first year and at C$0.15 thereafter, lowered from C$0.15 in the first year and C$0.25 in the second year.
The warrants may expire sooner if the company's shares close at C$0.30 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$750,000
|
| Units: | 15 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10 for the first year, C$0.15 thereafter
|
| Agent: | Non-brokered
|
| Pricing date: | June 4
|
| Decreased: | July 3
|
| Stock symbol: | TSX Venture: NET
|
| Stock price: | C$0.105 at close June 3
|
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