On March 18, 2021, Martello Technologies Group Inc. closed a bought deal public offering of 30,263,400 units at a price of $0.19 per unit for aggregate gross proceeds of approximately $5.75 million, which includes the full exercise of the underwriters’ over-allotment option. Each unit is comprised of one common share and one-half of one common share purchase warrant of Martello. Each warrant entitles the holder to purchase one common share of Martello at a price of $0.30 until March 18, 2023.
The offering was conducted by Paradigm Capital Inc. and Eight Capital, as co-lead underwriters, on their own behalf and on behalf of a syndicate of underwriters including PI Financial Corp.
Cassels acted for the underwriters.