Network Media receives strategic investment from Hive Blockchain and U.S. Global Investors

Network Media (OTCPK:NETWF) received a strategic investment from HIVE Blockchain Technologies (NASDAQ:HIVE) and U.S. Global Investors (NASDAQ:GROW) and closed its earlier announced non-brokered private placement. In the offering, the company issued 13.8M shares at $0.15/share for gross proceeds of $2.08M; net proceeds will be used for ancillary business opportunities, operations, research, and development of NFT content initiatives, and working capital requirements. The securities issued are subject to a statutory hold period, expiring Feb.28, 2022. "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," Chairman Frank Holmes commented. Network has granted incentive stock options to certain directors, officers, employees, and consultants for the right to purchase 690K shares; options are exercisable at $0.16/share for 5 years. HIVE shares trading 5% down premarket while GROW shares are 3% higher.