Shares of Martello Technologies Group Inc. (CVE:MTLO) (OTCMKTS:DRKOF) ended sharply higher in the previous session.
Trading Data
On Friday, MTLO stock surged 36.36%% to C$0.075 with more than 2.60 million shares, compared to its average volume of 425K shares. The stock has moved within a range of C$0.0550 – 0.0750 after opening trade at $0.0600.
Martello Closes Second Tranche of Non-Brokered Private Placement of $1.4M and Grants Stock Options to Directors and Officers
One of the leading developers of enterprise digital experience monitoring solutions, Martello Technologies Group Inc. (CVE:MTLO) (OTCMKTS:DRKOF) made an announcement on January 27, 2022, about the closing of the second tranche of its non-brokered private placement (as previously announced).
The company issued around 14,370,000 common shares in the capital of the company to certain Martello insiders, at a price of CDN$0.10 per common share (offering price). It represents 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. Total amount raised till now in private placement is CDN$2,437,000. It is anticipated that a subsequent tranche of the private placement for 500,000 common shares at the offering price will close in the coming weeks for aggregate gross proceeds of CDN$50,000. The third tranche is also anticipated to be subscribed for entirely by a Martello insider. There is a four month hold period for common shares in the second tranche, till May 28, 2022.
The company also announced the grant of stock options to some directors and officers of Martello. It has granted an aggregate of 300,000 stock options. Each option is exercisable into one common share at a price of $0.10 per common share. All options granted will vest in equal annual installments over 36 months and expire five years from the date of grant.
Technical Data
MTLO stock is above the 20-Day and 50-Day Moving averages of $0.0619 and $0.0741 respectively. However, the below is trading below the 200-Day moving average of $0.1252.
