On January 23, 2023, Martello Technologies Group Inc. completed a non-brokered private placement of 54,000,000 common shares to Wesley Clover International Corporation, an insider of Martello, at a price of C$0.05 per common share, representing a premium of 67% to the closing price of the common shares on January 20, 2023, for aggregate gross proceeds of approximately US$2 million. As a result of the private placement, Wesley Clover International Corporation became a Control Person of Martello pursuant to TSXV policies, which was approved by Martello shareholders at a special meeting of the shareholders held on January 12, 2023.
Cassels acted for Martello.