MTLO private placement filled by insiders @ 80% >share price Second Tranche
Under the Second Tranche, the Company issued 14,370,000 common shares in the capital of the Company (the "Common Shares") to certain Martello insiders, at a price of CDN$0.10 per Common Share (the "Offering Price"), representing a premium of over 80% to the closing price of the Common Shares on January 26, 2022 for aggregate gross proceeds of CDN$1,437,000. This is an increase of CDN$437,000 from the prior announcements. The total amount raised to date in the Private Placement is CDN$2,437,000.
The Second Tranche was subscribed entirely, either directly or indirectly, by Martello insiders led by Terence Matthews, who invested CDN$1,000,000 through Wesley Clover International Corporation. Other insiders participating in the Second Tranche include Bruce Linton, John Proctor, Colley Clarke, Michael Michalyshyn, Don Smith, Mike Galvin and Erin Crowe.