On August 23, 2022, Martello Technologies Group Inc. announced that it entered into a US$1.5 million subordinate loan with Wesley Clover International, an entity controlled by its Co-Chairman Terry Matthews. Interest pursuant to the loan will accrue at U.S. prime plus 8.75%. Interest accrues and will be paid at loan maturity, which is May 28, 2023. Martello intends to use the proceeds of the loan to pay down existing debt.
Cassels represented Martello.