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Martello Announces Closing of Private Placement Totalling CAD$2.5M
Martello Announces Closing of Private Placement Totalling CAD$2.5M Canada NewsWire ...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n \n \n \n Martello Announces Closing of Private Placement Totalling CAD$2.5M\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 13, 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 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\").\n \n \n \n \n \n \n \n \n \n Pursuant to the Private Placement, Martello has issued 50,000,000 Common Shares at a price of\n \n CAD$0.05\n \n per Common Share, for aggregate gross proceeds of\n \n CAD$2,500,000\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 Private Placement are subject to a four-month hold, which expires on\n \n November 13, 2023\n \n .\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 , has participated in the Private Placement and has acquired the number of Common Sha...