VANCOUVER, BC, Sept. 19,
2023 /CNW/ - Network Media Group Inc. (TSXV:
NTE) (OTC: NETWF) ("Network" or the "Company") announces that,
further to the Company's press release on August 29, 2023, it is proceeding with a
consolidation (the "Consolidation") of its Common Shares (the
"Common Shares") on the basis of five (5) pre-Consolidation Common
Shares for one (1) post-Consolidated Common Share. As of the date
hereof, there are 89,123,537 Common Shares issued and outstanding.
On a post-Consolidation basis, the Company shall have 17,824,707
Common Shares issued and outstanding. No fractional shares will be
issued under the Consolidation and each fractional share will be
rounded down to the nearest whole number, without any consideration
payable therefor. Each shareholder's percentage ownership in the
Company and proportional voting power will remain unchanged, except
for minor adjustments resulting from the treatment of fractional
shares.
The CUSIP number for the post-Consolidation Common Shares is
64128U205 and the new ISIN number is CA64128U2056 and the Company's
name will not change.
The Common Shares will commence trading on the TSX Venture
Exchange on a post-Consolidation basis effective at market opening
on September 21, 2023. The
Consolidation is subject to the receipt of all necessary regulatory
approvals including the approval of the TSX Venture Exchange.
Pursuant to the Business Corporations Act (British Columbia) and the Articles of the
Company, shareholder approval of the Consolidation is not
required.
The exercise or conversion price and the number of Common Shares
issuable under the Company's outstanding stock options will be
proportionately adjusted upon completion of the Consolidation. A
letter of transmittal will be sent to registered shareholders.
Shareholders who hold their shares in brokerage accounts are not
required to take any action to effect an exchange of their Common
Shares.
About Network Media Group / Network
Entertainment
Network Media Group is the parent company
of Network Entertainment Inc.
Network Entertainment is a
creatively driven, boutique film, television, and digital content
production company that creates, finances and produces
award-winning programming for television, digital platforms, and
movie audiences around the world.
The Network premium brand of content delivers world-class casts
and features visually cinematic, richly crafted storytelling. The
Company's productions are consistently embraced by both audiences
and critics alike, garnering awards, record ratings, and
unparalleled media coverage for Network and its partners. Network
NFT Studios collaborates with IP owners, artists, and top talent to
create, distribute, and monetize digital collectible campaigns and
related initiatives in the web3 universe.
For additional information on Network Entertainment Inc., visit
www.networkentertainment.ca
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.
Cautionary Statement on Forward-looking
Information
Except for historical information
contained herein, this news release contains forward-looking
statements that involve risks and uncertainties. These statements
are necessarily based upon management's perceptions, beliefs,
assumptions, and expectations, as well as a number of specific
factors and assumptions that, while considered reasonable by
management of the Company as of the date of such statements are
inherently subject to significant uncertainties and contingencies
that could result in the forward-looking information ultimately,
perhaps materially, being incorrect. All forward-looking
information in this news release involves known and unknown risks,
uncertainties, and other factors that are beyond the control of the
Company and may cause the actual results, performance, or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking information. Except as
required pursuant to applicable securities laws, the Company will
not update these forward-looking statements to reflect events or
circumstances after the date hereof.
SOURCE Network Media Group Inc.
