NCI - NTG Clarity Networks Inc. Announces Private Placement of Common Shares
(TheNewswire)
Toronto, ON – TheNewswire- November 17, 2023 - NTGClarity Networks Inc. (TSXV:NCI ) ; ( OTC:NYWKF) (the “ Company ”) todayannounced that it plans to complete a non-brokered private placementof up to 37,000,000common shares of the Com pany (“ Common Shares ”) at a priceof $0.03 per Common Share for gross proceeds of up to $1,110,000 (the “ PrivatePlacement ”). The CommonShares issued pursuant to the Private Placement will be subject to afour month hold period. The completion of the Private Placement issubject to customary conditions including approval of the TSX VentureExchange.
The Company anticipates using theproceeds of the Private Placement for reducing accounts payable andfor working capital and general corporate purposes.
The Private Placementwill be a related party transaction within the meaning of applicablesecurities laws as it is anticipated that officers, directors or otherinsiders will subscribe for all or a substantial portion of the CommonShares issued pursuant to the Private Placement. The Private Placementwill be exempt from the valuation and minority approval requirementsapplicable to related party transactions on the basis that the valueof the Private Placement will be less than 25 percent of theCompany’s market capitalization. The Companyanticipates filing a material change report less than 21 days prior toclosing the Private Placement in order to provide the Company withaccess to the additional capital as expeditiously aspossible.
About NTG ClarityNetworks Inc.
NTG Clarity Networks’ vision is to bea global leader in providing networking solutions. As a Canadiancompany established in 1992, NTG Clarity has delivered networking, ITand network enabled application software solutions to network serviceproviders and large enterprises. More than 600 IT and networkprofessionals provide design, engineering, implementation, softwaredevelopment and security expertise to the industry’s leadingenterprises.
Certain statements contained in this press release constituteforward-looking information. These statements relate to future eventsor future performance. The use of any of the words “could”,“intend”, “expect”, “believe”, “will”,“projected”, “estimated” and similar expressions andstatements 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 completion of the Private Placement and the use ofproceeds therefrom. Various assumptions or factors are typicallyapplied in drawing conclusions or making the forecasts or projectionsset out in forward-looking information. Those assumptions and factorsare based on information currently available to the Company. Thematerial factors and assumptions include obtaining approval of the TSXVenture Exchange of the proposed transaction, general economicconditions, market conditions, interest rates, exchange rates, accessto capital and competitive conditions in the networking, IT andnetwork enabled software solutions industry. The Company cautions thereader that the above list of risk factors is not exhaustive. Theforward-looking information contained in this release is made as ofthe date hereof and the Company is not obligated to update or reviseany forward-looking information, whether as a result of newinformation, future events or otherwise, except as required byapplicable securities laws. Due to the risks, uncertainties andassumptions contained herein, investors should not place unduereliance on forward- looking information. The foregoing statementsexpressly qualify any forward-looking information containedherein.
Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor 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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