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Martello Announces Increase In Bought Deal Public Offering of Units To $6 Million
Martello Announces Increase In Bought Deal Public Offering of Units To $6 Million ...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n\n\n\nMartello Announces Increase In Bought Deal Public Offering of Units To $6 Million\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, May 6, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n OTTAWA, May 6, 2020 /CNW/ - Martello Technologies Group Inc. (\"Martello\" or the \"Company\") (TSXV: MTLO) is pleased to announce that it has entered into an amended agreement with PI Financial Corp. and Eight Capital as co-lead underwriters on behalf of a syndicate of underwriters (collectively the \"Underwriters\") to increase the size of the bought deal offering. The Underwriters will now purchase, on a bought deal basis, an aggregate of 28,575,000 units of Martello (the \"Units\") at a price of $0.21 per Unit (the \"Offering Price\") for aggregate gross proceeds of $6,000,750 (the \"Offering\"). \n\n \n \n \n \n \n \n\n \nThe Units will be offered by way of a short-form prospectus in Ontario, Alberta, and British Columbia, and such other additional jurisdictions in Canada as agreed to by the Company and the Underwriters.\nThe Company has also granted the underwriters an option to cover over-allotments (the \"Over-Allotment Option\"), which will allow the underwriters to offer up to an additional 15% of the Offering, on the same terms as the Units. The Over-Allotment Option may be exercised in whole or in part at any time up to 30 days following the closing date of the Offering, for any number of Units, Unit Shares, Warrants, or any combination thereof at a price equal to the Offering Price for a Unit and a price to be agreed upon for the Warrant. If this option is exercised in full, an additional $900,112.50 will be raised pursuant to the Offering and the aggregate proceeds of the Offering will be $6,900,862.50.\nEach Unit shall consist of one common share of the Company (each, a \"Unit Share\") and one transferable common share purchase warrant (each such warrant, a \"Warrant\"). Each Warrant shall be exercisable into one common share at an exerci...