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Martello Announces Closing of First Tranche of Private Placement Totalling CAD$0.6M
Martello Announces Closing of First Tranche of Private Placement Totalling CAD$0.6M Can...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n \n \n \n Martello Announces Closing of First Tranche of Private Placement Totalling CAD$0.6M\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 May 24, 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 the closing of the first tranche totalling\n \n CAD$600,000\n \n (the \"First Tranche\") of 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$1,200,000\n \n (the \"Private Placement\").\n \n \n \n \n \n \n \n \n \n Pursuant to the Private Placement, Martello will issue 24,000,000 Common Shares at a price of\n \n CAD$0.05\n \n per Common Share, in two tranches for aggregate gross proceeds of\n \n CAD$1,200,000\n \n , subject to approval of the TSX Venture Exchange (the \"TSXV\").\n \n \n 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, and a Control Person of the Company (as such term is defined in the policies of the TSXV). The Company intends to use the proceeds of the Private Placement for general corporate and operational purposes. The Common Shares issued in the First Tranche are subject to a four-month hold, which expires on\n \n September 24, 2023\n \n .\n \n \n Martello first announced the Private Placement on\n \n February 14, 2023\n \n as part of a larger non-brokered private placement of Common Shares for aggregate gross proceeds of\n \n CAD$2,400,000\n \n , which is expected to be completed on or before June of 2023.\n \n \n The Private Placement constitutes a \"related party transac...