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NTG Announces Shares for Debt Private Placement Closing
Toronto, ON / TNW-Accesswire / August 10, 2021 / NTG Clarity Networks Inc. (TSX.V:NCI) (the “Company”) a leader in delivering network, IT and infrastructure solutions, today announced that it has closed the previously announced shares for debt private placement. The Company issued 40,000,000 (40 million) commonsharesof the Companyat a deemedprice of $0.05 per share to settle indebtedness of $2,000,000 owed to employees, senior officers, directors and consultants of the Company. The transaction will help NTG reduce it debts and improve its balance sheet.
The total number of shares outstanding after the transaction is 143,972,355. Ashraf Zaghloul, NTG CEO, and Kristine Lewis, NTG President, each subscribed for 2,500,000 common shares pursuant to the private placement. In addition, 2729252 Ontario Inc., a company controlled by Mr. Zaghloul (30%) and Ms. Lewis (30%), subscribed for 15,000,000 common shares pursuant to the private placement. As a result of the private placement, 2729252 Ontario Inc. holds 15,000,000 common shares representing 10.42% of the outstanding common shares, Mr. Zaghloul has beneficial ownership of 25,188,729 common shares representing 17.50% of the outstanding common shares and Ms. Lewis has beneficial ownership of 22,726,749 common shares representing 15.79% of the outstanding common shares.
For further information contact:
Kristine Lewis, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.