05:16 PM EDT, 03/27/2024 (MT Newswires) -- Martello Technologies Group ( DRKOF ) on Wednesday said it raised C$1.5 million in a private placement of shares.

The IT-consulting company said it placed 30-million shares priced at C$0.05 in the financing.

Wesley Clover International, a company controlled by its chairman, was the sole buyer of the shares.

"The company intends to use the proceeds of the private placement for general corporate and operational purposes," it noted.

Martello ( DRKOF ) shares closed unchanged at C$0.025 on the TSX Venture Exchange.