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Martello Announces $2M Non-Brokered Private Placement and Amendment to Credit Agreement
Martello Announces $2M Non-Brokered Private Placement and Amendment to Credit Agreement ...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n \n \n \n Martello Announces $2M Non-Brokered Private Placement and Amendment to Credit Agreement\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.prntal{\nTEXT-ALIGN: LEFT\n}\n.prntac{\nTEXT-ALIGN: CENTER\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 Initiatives supported by insiders strengthen the Company's balance sheet to capitalize on its Vantage DX market opportunity, amid growing demand for Microsoft Teams monitoring solutions.\n \n \n \n \n \n OTTAWA, ON\n \n ,\n \n Nov. 11, 2021\n \n /CNW/ -\n \n Martello Technologies Group Inc.\n \n , (\"Martello\" or the \"Company\") (TSXV: MTLO), a leading developer of enterprise digital experience monitoring (\"DEM\") solutions, today announced its intention to complete a non-brokered private placement for aggregate gross proceeds of approximately\n \n CDN$2,000,000\n \n (the\n \n \"Private Placement\"\n \n ) in conjunction with an amendment (the\n \n \"Amendment\"\n \n ) to the Credit Agreement (as defined below). The Private Placement will be subscribed entirely by certain directors, officers, and insiders of the Company, with a first tranche expected to close in November and a second tranche by\n \n January 31, 2022\n \n .\n \n \n \n \n \n \n \n \n \n Martello's market opportunity in Microsoft Teams DEM continues to strengthen in line with global hybrid workplace trends, and demand grows for its Vantage DX platform, launched in\n \n September 2021\n \n . As Martello focuses on driving sales of Vantage DX, the Company has taken steps to strengthen its balance sheet and negotiate more flexible terms with key lender Vistara Growth. These initiatives are intended to provide Martello with the time and resources to capitalize on both its Vantage DX market opportunity and its participation in the Microsoft Global Solutions Alliance program, to achieve a higher revenue growth trajectory for Microsoft DEM so...