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Martello Announces Closing of $1.4M Second Tranche of Non-Brokered Private Placement to Insiders at an 80% Premium to Market Price
Martello Announces Closing of $1.4M Second Tranche of Non-Brokered Private Placement to I...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n \n \n \n Martello Announces Closing of $1.4M Second Tranche of Non-Brokered Private Placement to Insiders at an 80% Premium to Market Price\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 Jan. 27, 2022\n \n \n /CNW/ -\n \n Martello Technologies Group Inc.\n \n , (\"\n \n Martello\n \n \" or the \"\n \n Company\n \n \") (TSXV: MTLO), a leading developer of enterprise digital experience monitoring (\"\n \n DEM\n \n \") solutions, today announced the closing of the second tranche (the \"\n \n Second Tranche\n \n \") of its previously announced non-brokered private placement (the\n \n \"Private Placement\n \n \"). The Company also announced the grant of stock options to certain directors and officers of the Company.\n \n \n \n \n \n \n \n \n \n \n Second Tranche\n \n \n \n Under the Second Tranche, the Company issued 14,370,000 common shares in the capital of the Company (the\n \n \"Common Shares\n \n \") to certain Martello insiders, at a price of\n \n CDN$0.10\n \n per Common Share (the \"\n \n Offering Price\n \n \"), representing a premium of over 80% to the closing price of the Common Shares on\n \n January 26\n \n , 2022 for aggregate gross proceeds of\n \n CDN$1,437,000\n \n . This is an increase of\n \n CDN$437,000\n \n from the prior announcements. The total amount raised to date in the Private Placement is\n \n CDN$2,437,000\n \n .\n \n \n The Second Tranche was subscribed entirely, either directly or indirectly, by Martello insiders led by\n \n Terence Matthews\n \n , who invested\n \n CDN$1,000,000\n \n through Wesley Clover International Corporation.  Other insiders participating in the Second Tranche include\n \n Bruce Linton\n \n ,\n \n John Proctor\n \n , Colley Clarke,\n \n Michael Michalyshyn\n \n ,\n \n Don Smith\n \n ,\n \n Mike Galvin\n \n and...