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.
About EMERGE
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/
Cautionary notice
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
Ghassan Halazon
Director, President and CEO
Cautionary Note Regarding
Forward-Looking Information
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.