I Have Been Watching This For A Long, Long, Long..TimeIs it time to buy?
Perhaps.
Check out the insiders that lined up to buy the stock at twice the market price at the time of the Non-Brokered Private Placement.
Interesting Indeed.... Martello Technologies Group Inc. MTLO Stock Quotes and Insider News | Canadian Insider 2022-03-24 17:48 ET - News Release
Ms. Tracy King reports
MARTELLO ANNOUNCES CLOSING OF $50K FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Martello Technologies Group Inc. has closed the third tranche of its previously announced non-brokered private placement. This is expected to be the final tranche in the private placement, bringing the total aggregate gross proceeds to $2,487,000.
Under the third tranche, the company issued 500,000 common shares in the capital of the company to a Martello insider at a price of 10 cents per common share, representing a premium of more than 80 per cent to the closing price of the common shares on March 23, 2022, for aggregate gross proceeds of $50,000.
The private placement has been subscribed entirely, either directly or indirectly, by Martello insiders, including Terence Matthews through Wesley Clover International Corp., Bruce Linton, John Proctor, Colley Clarke, Michael Michalyshyn, Don Smith, Mike Galvin, Jennifer Camelon and Erin Crowe.
The common shares issued in the third tranche are subject to a four-month hold period until July 24, 2022.
The net proceeds from the private placement are expected to be used by the company to pursue sales activities and product features and enhancements, as well as for general working capital purposes. The private placement is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the listing of the common shares on the TSX Venture Exchange.
The third tranche constitutes a related-party transaction within the meaning of TSX-V policies 4.1 and 5.9 and Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) as it was subscribed entirely by Ms. Camelon. The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the third tranche as the fair market value (as determined under MI 61-101) of the insider's participation in the third tranche is below 25 per cent of the company's market capitalization (as determined in accordance with MI 61-101)