CWK: TSX.V
VANCOUVER, Dec. 6 /CNW/ - (TSX.V: CWK) William Massey, President announces that the Company is arranging, subject to regulatory approval, a non-brokered private placement of up to $250,000, which will result in the issuance of up to 5,000,000 units at a price of $0.05 per unit. Each unit consists of one common share and one share purchase warrant exercisable into an additional common share of the Company at a price of $0.10 per share for a period of two years. Certain members of the Board of Directors (Insiders), present shareholders and other qualified investors will be participating. Finder's fees may be payable, and the Company anticipates having multiple closings. The proceeds of the private placement will be used for general working capital.
Since 2000, Vancouver-based Cinema Internet Networks Inc. (d.b.a. CinemaWorks) has provided broadband Internet services to the North American hospitality industry. CinemaWorks' current focus is the sales and support of world leading commercial-grade broadband over powerline (BPL) technology from 3One Networks Inc. The 3One commercial grade technology has the capacity to reliably and cost-effectively deliver the triple play of VoIP, email/browsing and IPTV to customers in large commercial buildings.
ON BEHALF OF THE BOARD OF DIRECTORS
"WILLIAM MASSEY"
President
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