On November 11, 2021, Martello Technologies Group Inc. announced its intention to complete a non-brokered private placement of common shares for aggregate gross proceeds of approximately $2 million in two tranches. On November 16, 2021, Martello completed the first tranche for gross proceeds of $1 million at a price of $0.119 per common share. The second tranche will be completed on or before January 31, 2022 at a price per common share equal to the volume weighted average trading price of the common shares on the TSX Venture Exchange for the five consecutive trading days ending on the trading date immediately prior to the announcement of the second tranche.
The net proceeds from the private placement are expected to be used by Martello to pursue sales activities and product features and enhancements, as well as for general working capital purposes.
Cassels is representing Martello.