(TheNewswire)
Toronto, Ontario / TheNewswire / January 19, 2017 - NTG
Clarity Networks Inc. (the “Company”) (TSX-VEN: NCI) a leader in delivering network, IT and infrastructure solutions, today
announced that it has closed the previously announced private placement of 5,487,464
common shares of the Company at a deemed price of $0.07 per share to settle
indebtedness of $384,122 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 shares for debt transaction was a related party transaction within the meaning of applicable Canadian securities
laws as the subscribers included directors and officers of the Company that subscribed for an aggregate of 2,141,429 common shares
in settlement of indebtedness of $149,900. The transaction was exempt from valuation and minority approval requirements applicable
to related party transactions on the basis that the value of the transaction was less than 25 percent of the Company’s market
capitalization.
The Company was not in a position to file a material change report more than 21 days in advance of closing as the
creditors had not confirmed their participation at that time.
For further information contact:
Doren Quinton, President QIS Capital
Ph: 250-377-1182
Fax: 250-377-1183
Email: info@smallcaps.ca
Kristine Lewis, President
Phone: 905-305-1325
Fax 905-752-0469
Email: KLewis@ntgclarity.com
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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