NETWORK CN INC. (OTCMKTS:NWCN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
On January 20, 2020, the Company entered into a Letter of Intent with Earthasia Worldside Holdings Limited (the “Seller”) that the Company will acquire 100% of the Seller’s issued and outstanding stock owned by the shareholders of the Seller and the Seller will become a wholly owned subsidiary of the Company.
Item 3.02 Unregistered Sales of Equity Securities.
Issuance of Convertible Promissory Note
On January 14, 2020, the Company entered into a Subscription Agreement with Tsang Wai Yee Terri (“the Subscriber”) under which the Subscriber agreed to purchase the 1% Senior Unsecured Convertible Note Agreement from the Company for an agreement purchase price of six hundred and forty-five thousand US Dollars ($645,000). On the same date, the Company signed the with 1% Senior Unsecured Convertible Note Agreement under which the Company may sell and issue to the Subscriber up to an aggregate maximum amount of $645,000 in principal amount of Convertible Notes prior to January 13, 2025. The Convertible Promissory Notes issued to the Investor are convertible at the holder’s option into shares of Company common stock at $1.00 per share.
The following exhibits are filed as part of this report or incorporated by reference:
| 10.1 | Letter of Intent |
| 10.2 | Subscription Agreement |
| 10.3 | 1% Senior Unsecured Convertible Note |
NETWORK CN INC Exhibit
EX-10.1 2 ex10_1.htm EXHBIT 10.1 Exhibit 10.1 LETTER OF INTENT NETWORK CN INC. AND EARTHASIA WORLDSIDE HOLDINGS LIMITED This letter of intent ("LOI") sets forth the understanding,…
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About NETWORK CN INC. (OTCMKTS:NWCN)
Network CN Inc. is a media and advertising company. The Company is engaged in the provision of out-of-home advertising in China through the operation of a network of roadside light-emitting diode (LED) digital video panels, mega-size LED digital video billboards and light boxes in major cities. The Company operates through Media Network segment. Its suite of services ranges from media planning to advertising operations in the media sector. The Company is building an out-of-home media network that includes roadside billboards, as well as digital video mega-displays. The Company’s focus is primarily on its media platforms in Beijing, Shanghai and other major cities in China. The Company’s subsidiaries include NCN Group Limited, NCN Media Services Limited, NCN Media Services Limited, NCN Group Management Limited, NCN Huamin Management, Beijing Huizhong Bona Media Advertising Co., Ltd., Chuanghua Shanghai Advertising Limited and Huizhong Lianhe Media Technology Co., Ltd.