07:08 AM EDT, 03/20/2024 (MT Newswires) -- Martello Technologies Group Inc. ( DRKOF ), a provider of software that optimizes the Microsoft Modern Workplace, overnight Tuesday said it plans to raise gross proceeds of C$1.5 million via a non-brokered private placement of common shares.

Martello ( DRKOF ) will issue 30 million common shares at C$0.05 apiece. The private placement is expected to be completed by March 27.

The company plans to use the proceeds for general corporate and operational purposes. HO Industries SAS, previously the majority shareholder of GSX, has a pre-emptive right to maintain its pro rata ownership in the company in connection with the private placement.

Also, Martello ( DRKOF ) said it has named Tracy King as corporate secretary. King is Martello's ( DRKOF ) vice president of communications and regulatory and has held a senior leadership role in the company for more than 10 years.