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DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR
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OTTAWA, Sept. 27, 2019 /CNW/ - Martello Technologies
Group Inc., ("Martello" or the "Company") (TSXV: MTLO) is pleased
to announce that it has closed its previously announced overnight
marketed public offering, including the exercise in full of the
over-allotment option (together the "Offering"), of 15,333,332
common shares of the Company (the "Common Shares") at a price of
$0.30 per Common Share, for aggregate
gross proceeds of approximately $4.6
million.
The offering was made pursuant to an underwriting agreement
dated September 13, 2019 (the
"Underwriting Agreement") between the Company and a syndicate of
underwriters co-led by Canaccord Genuity and CIBC Capital Markets
and including PI Financial Corp. (collectively, the
"Underwriters"). Pursuant to the Underwriting Agreement, the
Underwriters received a cash commission equal to 7% of the gross
proceeds 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 Common Shares were issued pursuant to a short form
prospectus dated September 20, 2019,
filed with the securities regulatory authorities in each of the
provinces of Ontario, British Columbia and Alberta (the "Prospectus"). A copy of the
Prospectus is available under the Company's profile on SEDAR at
www.sedar.com.
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 Inc.