Tickers: XTSX:NCI, PINX:NYWKF
Toronto, ON - TheNewswire - May 6, 2020 - NTG Clarity Networks Inc. (TSXV: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 44,000,000 (44 million) common shares of the Company at a deemed price of $0.015 per share to settle indebtedness of $660,000 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 100,102,355. Ashraf Zaghloul subscribed for 9,300,000 common shares pursuant to the private placement and now holds a total of 18,048,729 common shares representing 18.03% of the outstanding common shares. In addition, Kristine Lewis subscribed for 9,300,000 common shares pursuant to the private placement and now holds 15,526,749 common shares representing 15.51% of the outstanding shares.
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.
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