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Martello Announces Closing of First Tranche of $1M Non-Brokered Private Placement
Martello Announces Closing of First Tranche of $1M Non-Brokered Private Placement ...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n \n \n \n Martello Announces Closing of First Tranche of $1M 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 /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 Nov. 16, 2021\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 first tranche (the \"\n \n First Tranche\n \n \") of its previously announced non-brokered private placement (the\n \n \"Private Placement\n \n \"). Under the First Tranche, the Company issued 8,403,362 common shares in the capital of the Company (the\n \n \"Common Shares\n \n \"), at a price of\n \n CDN$0.119\n \n per Common Share (the \"\n \n Offering Price\n \n \") for aggregate gross proceeds of\n \n CDN$1,000,000\n \n .\n \n \n \n \n \n \n \n \n \n The First Tranche was subscribed for entirely, either directly or indirectly, by Martello insiders\n \n Terence Matthews\n \n , through Wesley Clover International Corporation and Colley Clarke, through his spouse. The Offering Price of the Common Shares was equal to the undiscounted volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the \"\n \n TSXV\n \n \") for the five consecutive trading days prior to\n \n November 11, 2021\n \n , the day the Private Placement was announced.\n \n \n The Private Placement occurred in connection with the amendment to Martello's credit agreement with Vistara Growth dated\n \n November 10, 2021\n \n (the \"\n \n Amendment\n \n \"), as previously announced on\n \n November 11, 2021\n \n . Pursuant to the Amendment, the Company also issued 837,110 Common Shares to Vistara Growth at a deemed price of\n \n CDN$0.119\n \n per Common Share.\n \n \n ...