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NTG Clarity Networks Announces Private Placement of up to $1,500,000 Convertible Debentures
(via Thenewswire.ca) Toronto, ON / TheNewswire / June 22, 2016 - NTG Clarity Networks Inc....
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces Private Placement of up to $1,500,000 Convertible Debentures(via Thenewswire.ca)\n\n \nToronto, ON / TheNewswire / June 22, 2016 - NTG Clarity Networks Inc. (TSX.V:NCI) (\"NTG\" or the \"Corporation\") is pleased to announce that it intends to complete a non-brokered private placement of subordinated, unsecured convertible debentures (the \"Debentures\") in the aggregate principal amount of up to $1,500,000 (the \"Offering\"). The Debentures shall bear interest at a rate of twelve percent (12%) per annum, payable on December 31 and June 30 each year commencing December 31, 2016 and shall mature two (2) years following the date of issuance. The Debentures are redeemable by the Corporation at any time after one year following the date of issuance. \n\n\n \nThe principal amount of the Debentures shall be convertible into common shares of the Corporation (the \"Common Shares\") at any time prior to maturity at the option of the holder at a conversion price of $0.30 per Common Share (the \"Conversion Price\"), subject to the Corporation having the right to force the conversion of the Debentures into Common Shares at the Conversion Price, if the volume weighted average trading price of the Common Shares for twenty (20) consecutive days ending five trading days exceeds $0.35. \n\n\n \nProceeds from the Offering will be used for working capital. \n\n\n \nCompletion of the Offering is subject to customary conditions including approval of the TSX Venture Exchange. \n\n\n \nThe Debentures and the Common Shares issuable on conversion thereof, have not and will not be registered under the U.S. Securities Act of 1933, as amended (the \"Act\"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Act. This press release does not constitute an offer to sell or a solicitation of any offer to buy the Debentures in the United States.\n\n\n \nAbout NTG Clarity Networks Inc. \n\n\n \nNTG's vision is to be a global leader in providing networking solutions. Established in 1992, NTG is a leader in Canada in delivering networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 400 network professionals provide design, engineering, implementation, software developmen...