Martello Technologies Group (TSE:MTLO) has released an update.
Martello Technologies Group has successfully completed a non-brokered private placement, raising CAD$1.5 million by issuing 30 million shares at CAD$0.05 each. The sole investor, Wesley Clover International—controlled by Martello’s Chairman Terence Matthews—has increased its control to over 51% of the company’s shares post-transaction. The funds are earmarked for general corporate and operational needs, with the new shares being subject to a four-month hold period.
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