- Network Media Group (NTE) has closed a $2.075 million non-brokered private placement, first announced in September
- The company has also received a strategic investment from HIVE Blockchain Technologies for $450,000
- This investment comes as Network emerges as a provider of NFTs
- In addition to the private placement, Network has granted 690,000 in incentive stock options
- Network Media Group is the parent company of Network Entertainment, a creatively driven, boutique film and television production company
- Shares in Network Media Group Inc. (NTE) are down 11.54 per cent, trading at $0.23 per share
Network Media Group (NTE) has closed a $2.075 million non-brokered private placement, first announced in September.
The company has also received a strategic investment from HIVE Blockchain Technologies for $450,000, announced yesterday by the blockchain company.
Frank Holmes, Chairman of HIVE Blockchain Technologies, commented,
“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.”
Network Media has issued 13,833,333 common shares at $0.15 per share for gross proceeds of $2.075 million.
The NFT company will use the net proceeds of the offering primarily for ancillary business opportunities, operations, research, and development of NFT content initiatives, and working capital requirements.
In addition to the private placement, Network has granted incentive stock options to certain directors, officers, employees, and consultants for the right to purchase 690,000 common shares at $0.16 per share.
“This is a defining moment for Network, as we add a new dimension to our established reputation creating premium content in the pop culture universe,” said Network founder and CEO Derik Murray.
Network Media Group is the parent company of Network Entertainment, a creatively driven, boutique film and television production company that creates, finances, and produces award-winning programming.
“Our team is inspired to create dynamic digital content for this emerging NFT ecosystem utilizing past, current, and future intellectual property with the intention being to revolutionize the monetization of premium content,” said Mr. Murray.
Shares in Network Media Group Inc. (NTE) are down 11.54 per cent, trading at $0.23 per share as of 1:43 pm ET.