CD ROM Network Corp.

October 08, 2010 16:30 ET

CD ROM Network Corp. Closing of Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Oct. 8, 2010) - CD ROM Network Corp. ("CD ROM" or the "Company") is pleased to announce further to its press release on June 17, 2010, the Company has completed a non-brokered private placement of units of the Company ("Units") pursuant to which an aggregate of approximately 2,000,000 Units were sold to accredited investors resident in the Province of Ontario at a price of $0.05 per Unit, for aggregate gross proceeds of $100,000 (the "Offering").

The Units sold pursuant to the Offering were comprised of one (1) common share of the Company (a "Common Share") and one (1) Common Share purchase warrant (a "Warrant"). Each Warrant shall entitle the investor to purchase one Common Share within 24 months from the closing date of the Private Placement, at an exercise price of $0.10 per Common Share.

The Offering was conducted in accordance with the terms of a partial revocation (the "Partial Revocation") of a cease trade order issued by the Ontario Securities Commission (the "Commission") on October 3, 2003.

The proceeds from the Offering will be used to prepare and file with the Commission continuous disclosure documents with a view to obtaining a full revocation of the cease trade order, to pay filing fees with the Commission, to pay outstanding fees to the Company's legal, accounting and audit fees, to fund the preparation of the application for the revocation of the cease trade order, to fund the preparation of the Company's annual and special meeting of shareholders and to fund the Company's project investigation costs.

The securities issued in connection with the Offering will remain subject to the cease trade order until it is revoked.

Contact Information

  • CD ROM Network Corp.
    Wayne Isaacs
    Chief Executive Officer
    (416) 363 3582