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OTTAWA, Sept. 13, 2019 /CNW/ - Martello Technologies
Group Inc., ("Martello" or the "Company") (TSXV: MTLO) is pleased
to announce that in connection with its previously announced
overnight marketed offering, it has priced its public offering of
common shares of the Company (the "Common Shares"). The Company has
agreed with a syndicate of underwriters co-led by Canaccord Genuity
and CIBC Capital Markets and including PI Financial Corp.
(collectively, the "Underwriters"), to sell 13,333,333 Common
Shares at a price of $0.30 per Common
Share for aggregate gross proceeds of $4,000,000 (the "Offering").
Martello will file an amended and restated preliminary short
form prospectus with the securities commission in each of the
provinces of Ontario, British Columbia and Alberta, amending and restating the
preliminary short form prospectus filed on September 12, 2019, to reflect the terms of the
Offering.
The Company have granted the Underwriters an option (the
"Over-Allotment Option") to purchase up to an additional 1,999,999
Common Shares, exercisable in whole or in part at any time up to 30
days after and including the closing date of the Offering.
The Company intends to use the net proceeds of the Offering to
identify and fund acquisitions, accelerate R&D activities,
increase sales capacity and for general corporate purposes.
The Offering is scheduled to close on or about September 27, 2019 and is subject to certain
conditions, including, but not limited to, the receipt of all
necessary approvals, including the approval of the TSX Venture
Exchange (the "TSXV") and the applicable securities regulatory
authorities.
This press release does not constitute an offer of the
securities of the Company for sale in the
United States. The securities of the Company have not been
registered under the United States Securities Act of 1933, (the
"1933 Act") as amended, and may not be offered or sold within
the United States absent
registration or an exemption from registration under the 1933
Act.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale
would be unlawful.
About Martello Technologies Group Inc.
Martello Technologies Group Inc. (TSXV: MTLO) is a technology
company that provides clarity and control of complex IT
infrastructures. The company develops products and solutions that
monitor, manage and optimize the performance of real-time
applications on networks, while giving IT teams and service
providers control and visibility of their entire IT infrastructure.
Martello's products include SD-WAN technology, network performance
management software, and IT analytics software. Martello
Technologies Group is a public company headquartered in
Ottawa, Canada with offices in
Montreal, Amsterdam, Paris, Dallas
and New York. Learn more at
http://www.martellotech.com
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news
release.
Cautionary Note Regarding Forward-Looking
Statements
The forward-looking statements contained in this news release
are made as of the date of this news release. Except as required by
law, the Company disclaims any intention and assume no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable securities law. Additionally, the Company
undertakes no obligation to comment on the expectations of, or
statements made, by third parties in respect of the matters
discussed above.
SOURCE Martello Technologies Group