By Sheri Kasprzak
New York, Oct. 24 - Network CN Inc. settled a $1,105,000 private placement of its stock with a new Hong Kong-based investor.
The investor, Lee Wing On Samuel, purchased 1.3 million shares at $0.85 each.
Proceeds will be used for activities related to the company's proposed business in China, as well as for general corporate purposes.
Based in Hong Kong, Network CN is a media network company focused on developing networks throughout China, including a hotel network.
| Issuer: | Network CN Inc.
|
| Issue: | Stock
|
| Amount: | $1,105,000
|
| Shares: | 1.3 million
|
| Price: | $0.85
|
| Warrants: | No
|
| Investor: | Lee Wing On Samuel
|
| Settlement date: | Oct. 24
|
| Stock symbol: | OTCBB: NWCN
|
| Stock price: | $1.70 at close Oct. 24
|
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