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

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
12:47a MINISTRY OF FINANCE OF REPUBLIC OF INDONESIA : MoF and ISEI to Hold National Seminar of Economy
12:47a SHOWA DENKO K K : Shodex™ Launches New Hydrophilic HPLC Columns
12:45a China, Hong Kong stocks pull back following recent rally
12:42a MEYER BURGER TECHNOLOGY : and Product Centre in Hohenstein-Ernstthal, Roth & Rau AG, renamed Meyer Burger (Germany) AG
12:38aDJChina Merchants Holdings 1st Half Net Profit HK$2.78 Billion
12:33a MOODY : lowers SOHO China's ratings to Ba2; outlook stable
12:33a THEME : to raise HK$1.57bn from shares & CB placing
12:32a CITIC SECURITIES : Sec confirms senior management under probe
12:32a HSBC : HSI opens up 180 pts to 21,793; H-share up 67 pts to 9,818
12:32a CHINA EVERBRIGHT BANK : CEB Bank interim net up 2.5% to Rmb16.24bn; no div
Latest news
Advertisement
Hot News 
SALVATORE FERRAGAMO ITALIA : 2015 08 27 Press Release_1H 2015 Results
YAMAHA MOTOR : to Launch New Fino125 in Thailand, Model Featuring BLUE CORE Engine
SHOWA DENKO K K : Shodex™ Launches New Hydrophilic HPLC Columns
ASAHI KASEI : Announcement of listing on the NHI drug price standard and marketing of XIAFLEX® (collagenase clostridium histolyticum)
DENTSU : Partners with U.S. Enterprise Software Company Opower to Deliver Sophisticated Client Services as Japan’s Energy Market Moves toward Deregulation
Most Read News
08/30 Suzuki Motor says it will buy back VW stake as court settles feud
08/30 Politicians welcome Berri's call for dialogue
08/30 DATACENTRIX : Forward-thinking Western Cape government wins OpenText "Big Think" award
08/30 Tezzaron Announces World’s First Eight-Layer Active Wafer Stack
08/30 GOLDEN MEDITECH : Notice of extraordinary general meeting
Most recommended articles
12:45a China, Hong Kong stocks pull back following recent rally
12:38aDJChina Merchants Holdings 1st Half Net Profit HK$2.78 Billion
12:28a China July services trade deficit widens as more spend abroad
12:16aDJWhat to Expect When You're Expecting an Apple Car
12:10a S&P 500 TECHNICAL ANALYSIS : Down Move Set to Resume?