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Martello Announces $2M USD Private Placement Resulting in the Creation of a Control Person
Martello Announces $2M USD Private Placement Resulting in the Creation of a Control Perso...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n \n \n \n Martello Announces $2M USD Private Placement Resulting in the Creation of a Control Person\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 Nov. 16, 2022\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, a segment of the broader market for digital experience monitoring (DEM), announced today a non-brokered private placement of common shares in the capital of the Company (\"Common Shares\") for aggregate gross proceeds of approximately\n \n USD$2,000,000\n \n (the \"Private Placement\") as a result of which, Wesley Clover International Corporation (\"Wesley Clover\"), a corporation controlled by\n \n Terence Matthews\n \n , will become a Control Person of the Company (as such term is defined in the policies of the TSX Venture Exchange (the \"TSXV\").\n \n \n \n \n \n \n \n \n \n The Private Placement is subject to approval of the TSXV and disinterested shareholder approval. Approval for the creation of a new Control Person pursuant to the Private Placement will be sought at a special meeting of the shareholders of the Company (the \"Special Meeting\") to be held on\n \n January 12, 2023\n \n .\n \n \n Pursuant to the Private Placement, the Company intends to issue 54,000,000 Common Shares at a price of\n \n CDN$0.05\n \n per Common Share, representing a premium of 67% on the trading price of the Common Shares on the TSXV at closing on\n \n November 15\n \n , 2022.  The Private Placement is expected to close on or about\n \n January 24, 2023\n \n .\n \n \n The sole subscriber in the Private Placement is\n \n Wesley Clover\n \n , a corporation controlled by\n \n Terence Matthews\n \n , co-chairman of the Company, and the Company's largest ...