Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Network Announces Close of Second Tranche of Private Placement of Convertible Debentures

02/15/2013 | 01:10pm US/Eastern

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

OR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia, February 15, 2012- Network Media Group Inc. (TSX-V: NTE) (the "Company"), is pleased to announce that further to its press releases of December 7, 2012, and December 21, 2012 it has closed the second tranche of a non-brokered private placement (the "Offering") of convertible debentures (the "Debentures") in the aggregate principal amount of $60,000. The Debentures are due to mature on February 8, 2015 and are convertible into common shares in the capital of the Company (the "Shares") at a price of $0.15 per Share. The Debentures bear interest at 8% per annum, calculated and paid semi-annually.

Upon conversion of the entire principal amount of the Debenture, any accrued and unpaid interest will be paid in Shares at a deemed price equal to the greater of (i) the last closing price of the Shares on the TSX-V (or other Canadian stock exchange on which the Shares are listed) on the date of the conversion, and (ii) $0.15 per Share. In the event that only part of the principal amount of the Debenture is converted into Shares, any accrued and unpaid interest will remain payable on the date of maturity.

All securities issued in connection with the closing of the second tranche are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The net proceeds from the Offering will be used by the Company for general working capital and corporate purposes.

For further information concerning this press release, please email info@networkentertainment.ca.

ON BEHALF OF THE BOARD OF DIRECTORS OF

NETWORK MEDIA GROUP INC.

"Derik A. Murray"

Derik A. Murray

Chief Executive Officer and Director

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.


© Accesswire 2013
React to this article
Latest news
Date Title
07:11p CBIZ : BRIEF: Trevose employee benefits firm sold
07:10p KATE SPADE : Profits Dented Slightly by Saturday's Demise
07:10p ANTONY JENKINS : Antony Jenkins Won’t Hesitate To Fire Everyone
07:10p DOV CHARNEY : Dov Charney Holds Backyard Rally With American Apparel Workers, Suki Waterhouse Stars in Burberry Beauty Campaign
07:10p PASON SYSTEMS : Announces Normal Course Issuer Bid
07:10p LENOVO : Stealthy Cybersecurity Threats: A Conversation With The Superfish Class Action Lawyers
07:10p LEEPORT : Monthly Return of Equity Issuer on Movements in Securities for the month ended 28 Feb 15 (in PDF)
07:10p COMMONWEALTH BANK OF AUSTRALIA : 2015 March quarter trading update - date of announcement
07:10p C I BHD : Unusual Market Activity ("UMA") Query By Bursa Securities
07:10p BANK OF JAPAN : Average Interest Rates by Type of Deposit
Latest news
Advertisement
Hot News 
eFuture Announces Unaudited Fourth Quarter and Full Year 2014 Financial Results
OREXIGEN THERAPEUTICS : Best Buy and Orexigen are big market movers
ISG : Shares Hit As It Swings To Loss, Launches Discounted Placing (ALLISS)
GLOBAL BIOENERGIES : reports first isobutene production from waste biomass
ELECTRO RENT : Announces Non-Renewal of Authorized Technology Partner Agreement with Keysight Technologies
Most Read News
06:04p VOLVO : Telematics world taking off for the trucking industry
06:01p TRACE ONE : and SGS launch SGS Supply Chain powered by T Transparency
06:25p ECOPETROL : Earnings Distribution Proposal for Fiscal Year 2014
06:17p EQUITY ALERT : The Rosen Law Firm Announces Investigation of Community Financial Shares, Inc. Concerning its Proposed Sale to Wintrust Financial Corporation – CFIS
06:04p AJINOMOTO : to restructure organization in North America
Most recommended articles
07:09p Corruption watchdog urges UK to curb hot-money flows into property
07:07p BRITISH LAND : shop price decline steepens in February - BRC
07:02pDJTarget to Cut Several Thousand Jobs -- 2nd Update
07:01pDJGameStop Raises Annual Dividend by 9%
06:46pDJBristow Takes a Tilt on New Choppers
Dynamic quotes  
ON
| OFF