Network Exploration Ltd. closes private placement grants stock options

Network Exploration Ltd. closes private placement grants stock options

Friday, August 8th 2008

Network Exploration Ltd. is pleased to announce that the Company has received TSX-Venture Exchange approval to close the non-brokered private placement of $750,000 announced July 3, 2008.

On August 5, 2008 (“Closing Date”) the Company closed a private placement whereby it issued 15,000,000 Units at a price of $0.05 per Unit. Each Unit consists of one common share and one share purchase Warrant entitling the holder to purchase one further common share at $0.10 during the first year following the Closing Date or at $0.15 during the second year following the Closing Date.

Warrants issued under this placement are subject to an accelerated exercise provision in the event that the Company’s common shares trade at a closing price on the TSX Venture Exchange of greater than 30 cents per share for a period of 20 consecutive trading days at any time after four months and one day following the closing date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof. In this case, the Warrants will expire on the 30th day after the date of such notice.

Finder’s fees of $60,907.50 in cash have been paid and 45,000 Finder’s Units at a price of $0.05 per Unit have been issued. Each Finder’s Unit consists of one common share and one share purchase warrant subject to the same terms and provisions as the warrants outlined above. Additionally, 1,177,500 broker’s warrants have been issued subject to the same terms and provisions as the warrants outlined above.

All securities issued or made issuable under the private placement are subject to a four month hold period from the Closing Date and will become free trading 4 months and one day from the Closing Date.

54 placees participated in this private placement. Proceeds from this offering will be used for exploration of the Company’s properties, working capital and general corporate purposes.

Concurrent to the closing of this private placement, the Company has granted 1,500,000 incentive stock options to directors, key employees, and consultants at an exercise price of $0.10 per share. These options are exercisable for a period of five years and are subject to approval by the TSX Venture Exchange.

Network Exploration Ltd. is a mineral exploration Company committed to building shareholder value through the acquisition of base and precious metal properties in North and South America. For additional information, contact the company at 604 638-7363 (toll free 866 637-5138) or visit the Company’s website: www.networkexploration.com.

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