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Martello Announces Closing of $50K Final Tranche of Non-Brokered Private Placement
Martello Announces Closing of $50K Final Tranche of Non-Brokered Private Placement ...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n \n \n \n Martello Announces Closing of $50K Final Tranche of Non-Brokered 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 \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 OTTAWA, ON\n \n ,\n \n March 24, 2022\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 third tranche (the \"\n \n Third Tranche\n \n \") of its previously announced non-brokered private placement (the\n \n \"Private Placement\n \n \"). This is expected to be the final tranche in the Private Placement, bringing the total aggregate gross proceeds to\n \n CDN$2,487,000\n \n .\n \n \n \n \n \n \n \n \n \n Under the Third Tranche, the Company issued 500,000 common shares in the capital of the Company (the\n \n \"Common Shares\n \n \") to a Martello insider, 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 more than 80% to the closing price of the Common Shares on\n \n March 23, 2022\n \n \n \n for aggregate gross proceeds of\n \n CDN$50,000\n \n .\n \n \n The Private Placement has been subscribed entirely, either directly or indirectly by Martello insiders, including\n \n Terence Matthews\n \n through Wesley Clover International Corporation, Bruce Linton,\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 ,\n \n Jennifer Camelon\n \n and\n \n Erin Crowe\n \n .\n \n \n The Common Shares issued in the Third Tranche are subject to a four month hold period until\n \n July 24, 2022\n \n .\n \n \n The net proceeds from the Private Placement are expected to be used by the Company to pursue sales activities and produ...