Business
NTG Clarity Networks Inc. Announces Shares for Debt Private Placement Closing
(TheNewswire) Toronto, ON – T heNewswire - August 10, ...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Inc. Announces Shares for Debt Private Placement Closing\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n Toronto, ON – T\n \n \n heNewswire\n-\n \n \n August 10, 2021 - NTG\nClarity Networks Inc. (TSXV:NCI)\n \n \n (the\n“Company”)\n \n a leader in delivering network, IT and\ninfrastructure solutions, today announced that it has\n \n \n closed the previously announced shares for debt\nprivate placement. The Company issued 40,000,000 (40 million) c\n \n \n ommon\n \n \n \n \n shares\n \n \n \n \n of the Company\n \n \n \n \n at a\n \n \n \n \n deemed\n \n \n \n \n price of $0.05\nper share\n \n \n \n \n to\nsettle indebtedness of $2,000,000 owed to\n \n \n \n \n employees, senior officers, directors and consultants of the\nCompany. The transaction will help NTG reduce it debts and improve its\nbalance sheet.\n \n \n \n \n \n \n The total number of shares outstanding after the transaction is\n143,972,355.\n \n \n \n \n Ashraf Zaghloul, NTG CEO, and Kristine\nLewis, NTG President, each subscribed for 2,500,000 common shares\npursuant to the private placement. In addition, 2729252 Ontario Inc.,\na company controlled by Mr. Zaghloul (30%) and Ms. Lewis (30%),\nsubscribed for 15,000,000 common shares pursuant to the private\nplacement. As a result of the private placement, 2729252 Ontario Inc.\nholds 15,000,000 common shares representing 10.42% of the outstanding\ncommon shares, Mr. Zaghloul has beneficial ownership of 25,188,729\ncommon shares representing 17.50% of the outstanding common shares and\nMs. Lewis has beneficial ownership of 22,726,749 common shares\nrepresenting 15.79% of the outstanding common shares.\n \n \n \n \n \n \n \n \n \n For further information contact:\n \n \n \n \n Kristine Lewis, President\n \n \n \n Phone: 905-305-1325\n \n \n \n \n Fax 905-752-0469\n \n \n \n \n Email: [email protected]\n \n \n \n \n \n \n \n \n Neither TSX Venture Exchange nor its\nRegulation Services Provider (as that term is defined in the policies\nof the TSX Venture Exchange) accepts responsibility for the adequacy\nor accuracy of this release.\n \n \n \n \n Copyright (c) 2021 TheNewswire - All rights reserved.\n \n \n","length":4222,"tagName":"div"}]