Martello Technologies Group Inc (MTLO)

[Wo]

Martello Technologies Announces Pricing of Overnight Marketed Public Offering

https://www.newswire.ca/news-releases/martello-technologies-announces-pricing-of-overnight-marketed-public-offering-827919885.html

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.