NWK.V trading at $0.80
Nework Corp. Announces intention to complete a non-brokered private placement
TORONTO, Feb. 22 /CNW/ - NEWORK CORP. (CDNX: NWK) announces its intention
to carry out a non-brokered private placement consisting of 1,000,000 Units at
a price of $1.00 per Unit for total proceeds of $1,000,000. Each unit will
consist of one common share and one non-transferable share purchase warrant.
Each warrant will entitle the holder to purchase one additional common share
at any time for six months from the closing date of the private placement at a
price of $1.25. Money raised through this private placement will be used for
working capital and technology development.
"In view of the significant opportunities that we are currently pursuing,
we have identified our financing requirements for Fiscal 2000 at $15,000,000.
We intend to raise this money in incremental stages so as to minimize the
effects of dilution to our existing shareholders. We are currently in contact
with a number of investment houses to arrange for the first $3,000,000 of this
financing. This process, however, will take a number of months to complete and
we require this interim financing while this process is underway." ...John
Wiseman, Chief Financial Officer.
Nework Corp. is an Internet focused company that operates in the
employment talent search industry. The Company integrates online and
traditional recruiting techniques and is developing proprietary online career
and talent management systems to further enhance the integration process.
Nework Corp. - Talent For The New Economy.
THE CANADIAN VENTURES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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For further information: John Wiseman, Chief Financial Officer, Nework
Corp., Phone: (416) 323-0944 ext. 249, Fax: (416) 323-0230, E-mail:
john@neworkcorp.com
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