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Martello Announces CAD$2.4M Private Placement
Martello Announces CAD$2.4M Private Placement Canada NewsWire /NOT FOR DISTRIBU...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n \n \n \n Martello Announces CAD$2.4M Private Placement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO\n \n THE UNITED STATES\n \n ./\n \n \n \n \n OTTAWA, ON\n \n \n ,\n \n \n Feb. 14, 2023\n \n \n /CNW/ -\n \n Martello Technologies Group Inc.\n \n , (\"Martello\" or the \"Company\") (TSXV: MTLO), a provider of software that optimizes the Microsoft Modern Workplace, announced today a non-brokered private placement of common shares in the capital of the Company (\"Common Shares\") for aggregate gross proceeds of approximately\n \n CAD$2,400,000\n \n (the \"Private Placement\"). The sole subscriber in the Private Placement is Wesley Clover International Corporation (\"Wesley Clover\"), a corporation controlled by\n \n Terence Matthews\n \n , Chairman of Martello. The subscription by\n \n Wesley Clover\n \n is irrevocable and committed.\n \n \n \n \n \n \n \n \n \n The Private Placement will be completed in four equal tranches (the \"Tranches\") of\n \n CAD$600,000\n \n in March, April, May and June of 2023 totaling\n \n CAD$2,400,000\n \n . Martello will issue the number of Common Shares as is equal to\n \n CAD$2,400,000\n \n at a price (the \"Subscription Price\") equal to the greater of\n \n CAD$0.05\n \n per Common Share and the last closing price of the Common Shares before the issuance of a news release announcing the pricing of the Tranche. The Private Placement is expected to be completed on or before\n \n June 30, 2023\n \n , the date on which the fourth and final Tranche is expected to close.\n \n \n The Company intends to use the proceeds of the Private Placement for general corporate and operational purposes.\n \n \n The Private Placement constitutes a \"related party transaction\" within the meaning of TSXV Policy 4.1 and Section 5.9 and Multilateral Instrument 61–101 Protection of Minority Security Holders in Special Transaction...