NCI - NTG Clarity Networks Inc. Announces Closing of Private Placement
(TheNewswire)
Toronto, ON - TheNewswire - December 15, 2023 - NTG Clarity Networks Inc. (TSX.V:NCI ) ( OTC:NYWKF) todayannounced that it closed its previously announced private placement of3 7,000,000 common shares of the Company (“ CommonShares ”) at a price of $0.03 per Common Share for gross proceedsof $1,1 10,000 (the“ Private Placement ”).The Common Shares issued pursuant to the Private Placement will besubject to a four month hold period .
The Company anticipates using the proceeds of thePrivate Placement for reducing accounts payable and for workingcapital and general corporate purposes.
A total of 185,172,355 Common Shares are outstandingafter giving effect to the Private Placement. Ashraf Zaghloul, CEO ofthe Company and Kristine Lewis, President of the Company eachsubscribed for 4,500,000 Common Shares pursuant to the PrivatePlacement. In addition, 2729252 Ontario Inc., a company controlled byMr. Zaghloul (30%) and Ms. Lewis (30%), subscribed for 28,000,000Common Shares pursuant to the Private Placement. As a result of thePrivate Placement, 2729252 Ontario Inc. holds 28,100,000 Common Sharesrepresenting 15.18% of the outstanding Common Shares, Mr. Zaghloulholds 28,600,749 Common Shares representing 15.45% of the outstandingCommon Shares and Ms. Lewis holds 26,138,749 Common Sharesrepresenting 14.12% of the outstanding Common Shares.
About NTG Clarity NetworksInc.
NTG Clarity Networks’ vision is to be a global leaderin providing networking solutions. As a Canadian company establishedin 1992, NTG Clarity has delivered networking, IT and network enabledapplication software solutions to network service providers and largeenterprises. More than 600 IT and network professionals providedesign, engineering, implementation, software development and securityexpertise to the industry’s leading enterprises.
Forward Looking Information
Certain statements contained in thispress release constitute forward-looking information. These statementsrelate to future events or future performance. The use of any of thewords “could”, “intend”, “expect”, “believe”,“will”, “projected”, “estimated” and similar expressionsand statements relating to matters that are not historical facts areintended to identify forward-looking information and are based on theCompany's current beliefs or assumptions as to the outcome and timingof such future events. Actual future results may differ materially. Inparticular, this press release contains forward-looking informationwith respect to the use of proceeds from the Private Placement.Various assumptions or factors are typically applied in drawingconclusions or making the forecasts or projections set out inforward-looking information. Those assumptions and factors are basedon information currently available to the Company. The materialfactors and assumptions include obtaining approval of the TSX VentureExchange of the proposed transaction, general economic conditions,market conditions, interest rates, exchange rates, access to capitaland competitive conditions in the networking, IT and network enabledsoftware solutions industry. The Company cautions the reader that theabove list of risk factors is not exhaustive. The forward-lookinginformation contained in this release is made as of the date hereof and the Company is notobligated to update or revise any forward-looking information, whetheras a result of new information, future events or otherwise, except asrequired by applicable securities laws. Due to the risks,uncertainties and assumptions contained herein, investors should notplace undue reliance on forward- looking information. The foregoingstatements expressly qualify any forward-looking information containedherein
Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
For Further Information:
Adam Zaghloul, Vice President, Strategy &Planning
NTG Clarity Networks Inc.
Ph: 905-305-1325
Fax: 905-752-0469
Email: adam@ntgclarity.com
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