Network Media receives strategic investment from Hive Blockchain and U.S. Global Investors

Oct. 27, 2021 7:43 AM ETU.S. Global Investors, Inc. (GROW), HIVE, NETWFBy: Khyathi Dalal, SA News Editor2 Comments
  • Network Media (OTCPK:NETWF) received a strategic investment from HIVE Blockchain Technologies (NASDAQ:HIVE) and U.S. Global Investors (NASDAQ:GROW) and closed its earlier announced non-brokered private placement.
  • In the offering, the company issued 13.8M shares at $0.15/share for gross proceeds of $2.08M; net proceeds will be used for ancillary business opportunities, operations, research, and development of NFT content initiatives, and working capital requirements.
  • The securities issued are subject to a statutory hold period, expiring Feb.28, 2022.
  • "Network's creative leadership and reputation as producers of premium content for global audiences, alongside their access to valued intellectual property, presented the perfect opportunity to forge a strategic relationship to embrace the NFT revolution together," Chairman Frank Holmes commented.
  • Network has granted incentive stock options to certain directors, officers, employees, and consultants for the right to purchase 690K shares; options are exercisable at $0.16/share for 5 years.
  • HIVE shares trading 5% down premarket while GROW shares are 3% higher.
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