NTG Clarity Networks Inc. Announces Closing of Private Placement

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[{"type":"text","content":"NTG Clarity Networks Inc. Announces Closing of Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Toronto, ON -\n \n \n TheNewswire\n \n \n - December 15, 2023 -\n \n \n NTG Clarity Networks Inc.\n \n \n (TSX.V:NCI\n \n \n )\n \n \n (\n \n \n OTC:NYWKF)\n \n today\nannounced that it closed its previously announced private placement of\n3\n \n \n 7,000,000 common\n \n \n shares\n \n \n of the Company (“\n \n \n \n \n Common\nShares\n \n \n \n \n ”)\n \n \n at a price of $0.03 per Common Share for gross proceeds\nof\n \n \n $1,1\n \n \n \n \n \n \n 10,000 (the\n“\n \n \n \n \n Private Placement\n \n \n \n \n ”).\nThe Common Shares issued pursuant to the Private Placement will be\nsubject to a four month hold period\n \n \n \n .\n \n \n \n \n The Company anticipates using the proceeds of the\nPrivate Placement for reducing accounts payable and for working\ncapital and general corporate purposes.\n \n \n \n \n A total of 185,172,355 Common Shares are outstanding\nafter giving effect to the Private Placement. Ashraf Zaghloul, CEO of\nthe Company and Kristine Lewis, President of the Company each\nsubscribed for 4,500,000 Common Shares pursuant to the Private\nPlacement. In addition, 2729252 Ontario Inc., a company controlled by\nMr. Zaghloul (30%) and Ms. Lewis (30%), subscribed for 28,000,000\nCommon Shares pursuant to the Private Placement. As a result of the\nPrivate Placement, 2729252 Ontario Inc. holds 28,100,000 Common Shares\nrepresenting 15.18% of the outstanding Common Shares, Mr. Zaghloul\nholds 28,600,749 Common Shares representing 15.45% of the outstanding\nCommon Shares and Ms. Lewis holds 26,138,749 Common Shares\nrepresenting 14.12% of the outstanding Common Shares.\n \n \n \n \n About NTG Clarity Networks\nInc.\n \n \n \n \n NTG Clarity Networks’ vision is to be a global leader\nin providing networking solutions. As a Canadian company established\nin 1992, NTG Clarity has delivered networking, IT and network enabled\napplication software solutions to network service providers and large\nenterprises. More than 600 IT and network professionals provide\ndesign, engineering, implementation, software development and security\nexpertise to the industry’s leading enterprises.\n \n \n \n \n Forward Look...

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