TORONTO, July 21, 2023 /CNW/ – EMERGE Commerce Ltd. (TSXV: ECOM) (“EMERGE” or the “Company”), a diversified acquirer and operator of niche e-commerce brands, announced that it has closed a private placement (the “Offering“) of units of the Company (the “Units“). Pursuant to the Offering, the Company issued an aggregate of 14,960,000 Units at a price of $0.05 per Unit for gross proceeds of $748,000.
Each Unit consists of one (1) common share in the capital of the Company (a “Common Share“) and one (1) common share purchase warrant in the capital of the Company (a “Warrant“). Each Warrant is exercisable to purchase one Common Share at a price of $0.10 per Common Share until July 21, 2025.
The Company paid a cash finder’s fees of $5,000 in connection with the closing of the Offering.
The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.
All securities issued pursuant to the Offering are subject to a statutory hold period of four months from the date of issuance, expiring November 22, 2023, in accordance with applicable securities laws. The Company has received conditional approval from the TSX Venture Exchange for the Offering but has yet to receive final approval. The Offering represents approximately 12.1% of common shares outstanding on a non-diluted basis.
EMERGE is a diversified acquirer and operator of profitable niche e-commerce brands. Our subscription and marketplace e-commerce properties provide our members with access to pet products, premium meat, golf, and other curated experiences. EMERGE was named one of Canada’s Top Growing Companies by Globe and Mail in 2022 (and 2020), and one of the fastest growing companies in Canada by the Startup 50 in 2020.
To learn more visit https://www.emerge-commerce.com/
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board
Director, President and CEO
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding the Offering.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect the Company’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information is the following: the future use of the proceeds of the Offering and expectations regarding receipt of final approval from the TSX Venture Exchange for the Offering. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company have attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
SOURCE EMERGE Commerce Ltd.