Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/15/2013 | 07:10pm CEST

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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news
Date Title
01:54p AUTOZONE : misses 3Q profit forecasts
01:54p FINSBURY GROWTH & INCOME : Issue of Equity
01:54pDJGENTING SINGAPORE : Malaysia's Genting 1st-Quarter Net Profit Slumped 78.9%
01:54p GLOBAL ONLINE GAMBLING AND BETTING MARKET DRIVEN BY RISING NUMBER OF SMARTPHONE USERS GLOBALLY : Transparency Market Research
01:53p China-made graphene bulb to debut in UK
01:53p Huawei denies plan to move headquarters out of Shenzhen
01:53p China Shipbuilding changes course to high-end specialist vessels
01:53p Bayer bids $62b in cash for Monsanto
01:53p CHINA EVERBRIGHT : Everbright Completes Acquisition of Dah Sing Financial Centre from SEA Group
01:53p Baidu to shut down online forum to fight piracy
Latest news
Advertisement
Hot News 
DGAP-NEWS : Deufol SE: Deufol SE resolves share buyback
MOSMAN OIL AND GAS : & Gas Buys 20% Stake In GEM International (ALLISS)
JUPAI : Reports First Quarter 2016 Results
U.K. Region Approves First Fracking Permit Since 2011
SEB Shares Soar on WMF Deal
Most Read News
05/23DJTurkey and EU At Odds Over Funding Delivery
Most recommended articles
05/17DJU.S. Grains, Soybeans Climb Amid Fund Buying
07:48a Higher home sales, prices drive Toll Brothers revenue beat
07:46aDJKirkland's Misses Views
07:46aDJToll Brothers Results Beat Forecasts
07:43a Buy UK bank bonds, long-dated gilts regardless of Brexit vote - Pimco