Business
NTG Clarity Networks Inc. Announces Shares for Debt Private Placement
(TheNewswire) Toronto, ON - TheNewswire - July 6, 2021 - NTG ...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Inc. Announces Shares for Debt Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n Toronto, ON -\n \n \n TheNewswire\n-\n \n \n July 6, 2021 - NTG Clarity\nNetworks Inc. (TSXV:NCI\n \n \n )\n(OTC:NYWKF)\n \n (the “Company”), a leader in delivering\nnetwork, IT and infrastructure solutions, today announced that it\nplans to issue\n \n \n up to 40,000,000 (forty\nmillion) common\n \n \n shares\n \n \n of\nthe Company\n \n \n at a\n \n \n deemed\n \n \n price of $0.05 per share\n \n \n to settle indebtedness of approximately $2,000,000 owed to\nemployees, senior officers, directors, creditors and consultants of\nthe Company. The transaction will help NTG reduce it debts and improve\nits balance sheet. Completion of the transaction is subject to\ncustomary conditions including approval of the TSX Venture\nExchange.\n \n \n \n \n \n \n A portion of the shares for debt\ntransaction will be a related party transaction within the meaning of\napplicable Canadian securities laws as some of the subscribers include\ndirectors and officers of the Company who will subscribe for an\naggregate of an estimated 17,000,000 common shares in settlement of\nindebtedness of approximately $850,000.00. The Board of Directors of\nthe Company approved the transaction\n \n \n on\nJuly 2, 2021\n \n \n , with the directors\nparticipating in the transaction having abstained from the\napproval\n \n \n \n \n . The transaction\nwill be exempt from valuation and minority approval requirements\napplicable to related party transactions on the basis that the value\nof the related party portion of the transaction is less than 25\npercent of the Company’s market capitalization.\n \n \n \n \n The Company\nanticipates filing a material change report less than 21 days prior to\nclosing the transaction in order to improve the Company’s financial\nposition as expeditiously as possible.\n \n \n \n \n \n \n \n Forward-Looking Information\n \n \n \n \n \n \n Certain statements contained in this press release constitute\nforward-looking information. These statements relate to future events\nor future performance. The use of any of the words “could”,\n“intend”, “expect”, “believe”, “will”,\n“projected”, “estimat...