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/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, Sept. 7, 2022 /CNW/ – BuildDirect.com Technologies Inc. (TSXV:BILD) (“BuildDirect” or “Company“) is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement of common shares (the “Private Placement“) (see the news release of the Company dated August 30, 2022).
All references to dollars herein are in Canadian dollars ($) unless otherwise specified.
The Company issued a total of 5,434,785 Common Shares (each a “Common Share“) at a price of $0.46 per Common Share for total gross proceeds of $2,500,000.
The Company intends to use the net proceeds from the Private Placement to continue to advance BuildDirect’s strategy and for general working capital purposes. The Company expects to complete subsequent tranches of the Private Placement on or before October 142022. No bonus, finder’s fee, commission, agent’s option or other compensation is payable in connection with the Private Placement.
The Common Shares issued pursuant to the Private Placement are subject to a statutory hold period of approximately four months ending on January 8, 2023 in accordance with applicable securities law.
Pelecanus Investments Ltd. (“Pelecanus“), Lyra Growth Partners Inc. (“Lyra“) and Beedie Investments Ltd. (“Beedie“) are all insiders by virtue of currently holding 35.7% (undiluted) and 38.6% (partially diluted), 13.9% (undiluted) and 15.2% (partially diluted), and 12.7% (undiluted) and 13.9% (partially diluted) respectively of the issued and outstanding common shares of the Company. Pelecanus, Lyra and Beedie, through a wholly…
Full story available on Benzinga.com
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