representative work

Martello Announces Amendment to Credit Agreement


On November 10, 2021, Martello Technologies Corporation and Vistara Growth entered into an amendment to the credit agreement dated April 27, 2020 for a non–revolving term loan in the principal amount of US$8 million. The amendment provides Martello with more flexible prepayment terms, adjusts certain covenants, terminates 12,777,273 warrants and sets out the conditions of a $2 million private placement.

Pursuant to the terms of the amendment, Vistara will surrender the previously issued warrants for cancellation and, in consideration thereof, Martello shall pay to Vistara US$400,000 and subject to the final approval of the TSX Venture Exchange, Martello will issue 837,110 common shares of Martello. Concurrently, Martello has also made certain amendments to its credit facility with National Bank of Canada.

Cassels represented Martello.