Martello Technologies Group Inc ( (TSE:MTLO) ) has issued an update.
Martello Technologies Group Inc. has successfully closed a non-brokered private placement, raising CAD$2 million through the issuance of 40 million common shares at CAD$0.05 each. The sole subscriber is Wesley Clover International Corporation, controlled by Martello’s Chairman, Terence Matthews. This transaction, classified as a related party transaction, increases Wesley Clover’s stake in Martello to approximately 54.90%. The funds will be used for general corporate and operational purposes, potentially strengthening Martello’s market position and operational capabilities.
More about Martello Technologies Group Inc
Martello Technologies Group Inc. is a provider of experience management solutions for enterprise collaboration. The company focuses on enhancing the performance and user experience of cloud-based applications, particularly in the enterprise sector.
YTD Price Performance: 30.0%
Average Trading Volume: 93,889
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: C$7.07M
For a thorough assessment of MTLO stock, go to TipRanks’ Stock Analysis page.