Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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
Latest news
Date Title
02:24a INSIDER TRADING ACTIVITY GENERAL AMERICAN INVESTORS CO. INC. (NYSE : GAM) – Chairman Sold 1,000 shares of Stock
02:24a INSIDER TRADING ACTIVITY HERZFELD CARIBBEAN BASIN FUND, INC (NASDAQ : CUBA) – Director Bought 160 shares of Stock
02:24a INSIDER TRADING ACTIVITY GLASSBRIDGE ENTERPRISES INC (NYSE : GLA) – CEO Bought 3,500 shares of Stock
02:24a INSIDER TRADING ACTIVITY GLASSBRIDGE ENTERPRISES INC (NYSE : GLA) – Insider Bought 81,957 shares of Stock
02:24a INSIDER TRADING ACTIVITY HEWLETT PACKARD ENTERPRISE CO (NYSE : HPE) – EVP Sold 31,421 shares of Stock
02:22a VIJAY CHOPRA : Stay invested in Bank of Baroda
02:22a KOTAK MAHINDRA BANK : to raise Rs 5,400 crore
02:22a ASHWANI GUJRAL : HDFC Bank may hit Rs 1600 while Eicher Motors may test Rs 27000.
02:22a AMAZON COM : Xiaomi Redmi 4A to go on sale on Amazon today
02:22a INSIDER TRADING ACTIVITY EPAM SYSTEMS INC (NYSE : EPAM) – CEO Sold 5,000 shares of Stock
Latest news
Advertisement
Hot News 
-23.44%Lululemon shares tumble on miss, weak first-quarter outlook
8.81%ConocoPhillips sells oil and gas assets to Cenovus for $13.3 billion
12.02%GENEL ENERGY : targets Turkey gas deal this year to overcome oil troubles
1.02%India's Mahindra Plans Electric Vehicles for U.S. and China
-2.93%Mexico's governors tap investors in China, elsewhere
Most Read News
06:22p CANADIAN IMPERIAL BANK OF COMMERCE : CIBC raises offer for PrivateBancorp to $4.9 billion
07:20p MARLIN GLOBAL : MLN - Issue of Securities - 31 March 2017
06:35p CHIPOTLE MEXICAN GRILL : shareholders pull vote to split CEO, chairman jobs
07:20p AGL ENERGY : Appendix 3E Share Buy Back Notice
06:43p OMRON : Electronic Components Announces Release of New Switches to its Lineup
Most recommended articles
03/29DJS&P 500, Nasdaq Futures -- Technical Analysis
03/27 Dollar hits four-month low as Trump trade deflates
07:21p CENOVUS ENERGY : ConocoPhillips says Cenovus made unsolicited offer for oil and gas assets
07:20p Global equity listings start to recover after 2016 slump
06:50p ONEVUE HOLDINGS (ASX : OVH) discusses 1H17 results