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NTG
Clarity Networks
Inc. Private
Placement |
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Toronto,
Ontario. Nov
17th, 2003
- NTG Clarity
Networks Inc.
(the “Company”)(TSX-VEN:
NCI) a leader
in delivering
network, IT
and infrastructuresolutions,
today announced
that Mr. Ashraf
Zaghloul,
theChief Executive
Officer and
Chairman of
the Company
sold2.5 million
of his common
shares at
a price of
$0.25 pershare
through the
facilities
of the TSX
Venture Exchange.The
net proceeds
of the sale
will be used
to fund a
privateplacement
by Mr. Zaghloul
of 1.725 million
units of theCompany
at a price
of $0.25 per
unit. Each
unit shall
consistof
one NTG common
share and
3/4 of a common
share purchasewarrant.
Each whole
warrant shall
be exercisable
for oneNTG
common share
at an exercise
price of $0.30
per sharefor
a period of
five years
from the closing
of the private
placement.
Proceeds
from the private
placement
will be used
to increasethe
Company’s
marketing
activities
internationallyand
for general
working capital.
The private
placement
is subject
to regulatory
approval.
The placement
has been approved
by all directors
exceptby Mr.
Ashraf Zaghloul
who abstained
from voting
as a resultof
his interest
in the transaction.
The private
placementis
not subject
to the requirements
of Ontario
SecuritiesCommission
Rule 61-501
applicable
to related
party transactionas
the value
of the transaction
is below 25
percent of
theCompany’s
market capitalization.
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NTG Clarity
Networks’
mission is
to be the
worlds leading
networking
solutions
company. Established
in 1992, NTG
Clarity is
a Canadian
leader in
delivering
networking,
IT and network
enabled application
software solutions
to network
service providers
and large
enterprises.
More than
120 network
professionals
provide design,
engineering,
implementation,
software development
and security
expertise
to the industry's
leading network
service providers
and enterprises.
NTG Clarity's
services are
offered internationally,
with offices
and operations
currently
in Toronto,
Ottawa, Montreal,
Calgary. and
Cairo. |
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For
Further Information,
Contact:
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For
Further Information, Contact:
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