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
07:45a EU to continue with tax study even after Amazon changes
07:45a BILLION INDUSTRIAL : Next Day Disclosure Return - Share Buyback
07:45aDJMARKET SNAPSHOT : U.S. Stock Futures Lose Ground Ahead Of Durable-goods Data
07:44a NORTHROP GRUMMAN : Time to explore Venus with 'inflatable aircraft'
07:44a RESEARCH AND MARKETS : Logistics Market in India 2015 - 2020
07:41a Charter to buy Time Warner Cable in $78.7 bln deal
07:41a MANCHESTER UNITED : Rebel soccer club on the rise in Manchester
07:41a CONCURRENT TECHNOLOGIES : Says Trading Ahead Of Its Expectations
07:40a HOSA : Announcements and Notices - Resignation of Director and Change of Authorized Representative and Nomination Committee
07:40a HELIO : Current report No 2/2015
Latest news
Advertisement
Hot News 
CATALYST MEDIA : Announcement by SIS
STARCOM : Notification of Major Interest in Shares
EDEN RESEARCH : EU Product Authorisations
CTRIP : Announces Additional Investment by The Priceline Group
FLOWGROUP : Loss Widens As Sales Grow, But 2015 Will Be "Game-Changer"
Most Read News
06:44a Charter to buy Time Warner Cable in $78.7 billion deal
01:43a ROYAL DUTCH SHELL A : PRESS: Decades Before Shell's Arctic Production Comes On Stream - FT
05/25 BARAKAH OFFSHORE PETROLEUM BHD : PBJV secures Shell jobs
05/25 AUSTRALIA AND NEW ZEALAND BANKING : ANZ and ETF Securities launch joint venture with six ASX listed exchange traded funds
05/25 TIME WARNER : running out for Greece, ESM head Regling says
Most recommended articles
07:39aDJAlleged Ringmaster in Libor Trial Described as Greedy, Dishonest
07:38a Futures lower ahead of raft of data
07:37aDJBELLE : Full-Year Net Profit CNY4.76 Billion
07:34a Futures point to lower start as oil slips
07:33aDJTATA MOTORS : Profit More Than Halved Last Quarter