Offering sells 12% unsecured debentures to finance working capital
By Devika Patel
Knoxville, Tenn., June 22 – NTG Clarity Networks Inc. said it plans to raise C$1.5 million in a non-brokered private placement of subordinated unsecured convertible debentures.
The 12% convertibles mature in two years and will be convertible into common stock at C$0.30 per share, which is a 114.29% premium to the June 21 closing price of C$0.14. The debentures may be redeemed after one year and the company may force conversion.
Proceeds will be used for working capital.
The Toronto company provides network, telecommunication, information technology and infrastructure solutions to medium and large network service providers.
| Issuer: | NTG Clarity Networks Inc.
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| Issue: | Subordinated unsecured convertible debentures
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| Amount: | C$1.5 million
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| Maturity: | Two years
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| Coupon: | 12%
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| Conversion price: | C$0.30
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| Conversion premium: | 114.29%
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| Call: | After one year
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| Warrants: | No
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| Agents: | Non-brokered
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| Pricing date: | June 22
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| Stock symbol: | TSX Venture: NCI
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| Stock price: | C$0.14 at close June 21
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| Market capitalization: | C$5.43 million
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