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Martello Announces CAD$2.5M Private Placement
Martello Announces CAD$2.5M 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$2.5M 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 July 11, 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$2,500,000\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 Pursuant to the Private Placement, Martello will issue 50,000,000 Common Shares at\n \n CAD$0.05\n \n per Common Share. The Private Placement is expected to be completed on or before\n \n July 13, 2023\n \n . The Company intends to use the proceeds of the Private Placement for general corporate and operational purposes.  HO Industries SAS, previously the majority shareholder of GSX, has a pre-emptive right to maintain its pro rata ownership in the Company in connection with the Private Placement.\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 Transactions (\"MI 61–101\") because an Insider (and associated entity of an Insider) of the Company, being\n \n Wesley Clover\n \n , will participate in the Private Placement and is expected to acquire the number of Common Shares as is equal to\n \n CAD$2,500,000\n \...