Network 1 Financial Group, Inc. announced that it has received $0.40 million in funding.
December 14, 2012 at 09:30 am IST
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Network 1 Financial Group, Inc. (OTCPK:NTFL) announced a private placement of common shares and convertible debt for gross proceeds of $400,500 on October 31, 2012. The company will advise itself on the transaction and will receive a sales commission of $20,025. The securities will be issued pursuant to Regulation D.
As of November 12, 2012, the company has raised $150,000 from one investor.
On December 14, 2012, Network 1 Financial Group, Inc. closed the transaction. The company issued 2 Year, secured promissory note for gross proceeds of $400,000 and 5,000,000 common shares at a price of $0.001 per share for gross proceeds of $500. The note carries an interest rate of 7% one-time interest charge on the principal sum payable to holder semi-annually. The company will pay to broker for itself and other selling agents a commission in the form of cash which equals in value to 5% of the gross proceeds from the sale of the common shares under the subscription agreement, as well as 10% in common shares. The transaction saw participation from a private investor which is an accredited investor.
Network 1 Financial Group, Inc., through Network 1 Financial Securities, Inc., is a full-service broker-dealer. The Company offers investment services, private placements, syndications, portfolio analysis, vision cash management account and private client services to its clients, who include institutional investors, high net worth individuals worldwide, managed pension funds, and hedge funds. Network 1 Financial Securities, Inc. is a member of the Financial Industry Regulatory Authority, Inc. (FINRA). The Companyâs traditional services include Fairness Opinions; Private Placements; IPOs and Securities Offerings; Financial Consulting; Mergers and Acquisition; Bank and Debt Financing, and Business Planning and Development. It also provides non-deal roadshows, shareholder relations and communications; and, electronic media.