Vancouver, British Columbia / ACCESSWIRE / December 19, 2014 / Network Media Group Inc. (TSX-V: NTE) (the "Company"), is pleased to announce that further to its press release of December 11, 2014, it has closed a non-brokered private placement. The Company issued 1,250,000 common shares at a price of C$0.20 per common share for aggregate proceeds of $250,000 (the "Offering").
All of the common shares issued pursuant to the Offering are subject to a four-month hold period and may not be traded in Canada until April 21, 2015. The Offering is subject to the receipt of final acceptance from the TSX Venture Exchange.
The net proceeds from the Offering will be used by the Company for general working capital and corporate purposes.
Network Entertainment Inc. is an established television and film production company with an award-winning international reputation. Network's productions include the Academy Award shortlisted feature documentary Facing Ali, the feature documentaries I Am Bruce Lee, which set all time ratings records for Viacom, I Am Steve McQueen and I Am Evel Knievel, both of which had their world premieres on Spike TV in 2014, and Stanley's Game Seven, the company's first 3D film. Network's programming has been showcased at marquee film festivals and by broadcasters throughout North America.
Network's past projects and current productions can be viewed at www.networkentertainment.ca
For further information concerning this press release, please email [email protected]
ON BEHALF OF THE BOARD OF DIRECTORS OF
NETWORK MEDIA GROUP INC.
"Derik A. Murray"
Derik A. Murray
Chief Executive Officer and Director
This press release is not an offer of securities for sale in the United States. The securities of Network referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended or the securities laws of any state. Securities of Network may not be offered or sold in the United States absent registration or an exemption from registration.
Certain statements contained in this release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or that are not statements of historical fact should be viewed as "forward-looking statements". These statements are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Network to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, statements (express or implied) contained herein regarding the use of proceeds and TSX-V approval of the Private Placement should all be viewed as forward-looking statements.
There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, shareholders should not place undue reliance on forward-looking statements contained in this release.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
NEITHER THE 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES
SOURCE: Network Media Group Inc.