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Martello Announces Pricing of Private Placement Totalling CAD$1.2M
Martello Announces Pricing of Private Placement Totalling CAD$1.2M Canada NewsWire ...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n \n \n \n Martello Announces Pricing of Private Placement Totalling CAD$1.2M\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 15, 2023\n \n \n /CNW/ -\n \n \n Martello Technologies Group Inc.\n \n \n , (\"Martello\" or the \"Company\") (TSXV: MTLO), a provider of software that optimizes the Microsoft Modern Workplace, announced today the pricing of its 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 expects to issue 24,000,000 Common Shares at a price of\n \n CAD$0.05\n \n per Common Share for aggregate gross proceeds of\n \n CAD$1,200,000\n \n , subject to approval of the TSX Venture Exchange (the \"TSXV\").\n \n \n The Private Placement is expected to close in two tranches, the first of which is expected to close in\n \n May 2023\n \n and the second of which is expected to close in\n \n June 2023\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. HO Industries SAS, previously the majority shareholder of GSX, has a pre-emptive right to maintain its pro rata ownership in the Company in connection with the Private Placement.\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 CA...