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Martello Files Preliminary Short Form Prospectus in Connection with $6 Million Bought Deal Public Offering of Units
Martello Files Preliminary Short Form Prospectus in Connection with $6 Million Bought Deal...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n\n\n\nMartello Files Preliminary Short Form Prospectus in Connection with $6 Million Bought Deal Public Offering of Units\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 11, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n OTTAWA, May 11, 2020 /CNW/ - Martello Technologies Group Inc. (\"Martello\" or the \"Company\") (TSXV: MTLO), is pleased to announce that it has filed and received a receipt today for a preliminary short form prospectus (the \"Prospectus\") with respect to the bought deal offering previously announced on May 6, 2020. In connection with the bought deal offering, the Company also entered into an underwriting agreement (the \"Underwriting Agreement\") with PI Financial Corp. and Eight Capital as co-lead underwriters, and Paradigm Capital, on behalf of a syndicate of underwriters (collectively the \"Underwriters\"). Pursuant to the Underwriting Agreement, the Underwriters will 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 for aggregate gross proceeds of $6,000,750 (the \"Offering\"). \n\n \n \n \n \n \n \n\n \nFurther to the Company's announcement on May 6, 2020, $4,000,000 of net proceeds of the Offering will be used to pay a portion of the purchase price and transaction expenses in connection with the previously announced acquisition by the Company of all of the issued and outstanding securities of GSX Participations SA (\"GSX\") pursuant to a share purchase agreement dated April 28, 2020. It is expected that the remainder of the net proceeds from the Offering, approximately $1,305,700, will be used for general corporate purposes and working capital.\nThe Offering is expected to close on or about May 26, 2020, or such other date as agreed between the Company and the Underwriters, and is subject to certain conditions including, but not limited to, t...