WeCommerce Holdings Ltd. is pleased to announce that the Company has closed its previously announced bought deal financing (the “Offering”).
The Company issued a total of 2,810,000 class A common shares (the “Shares”) of WeCommerce, at a price of $12.00 per Share (the “Offering Price”), which included 310,000 Shares issued pursuant to the partial exercise of the over-allotment option, for gross proceeds of approximately $33.7 million.
The Shares were offered on a bought deal basis by a syndicate of underwriters led by TD Securities Inc. and Canaccord Genuity Corp. (the “Lead Underwriters”) and Raymond James Ltd. and Stifel Nicolaus Canada Inc. (together with the Lead Underwriters, the “Underwriters”).
In connection with the Offering, the Company paid the Underwriters a cash fee of 6% of the aggregate gross proceeds raised from the Offering.
The Company intends to use the net proceeds of the Offering for strategic acquisitions and for working capital and general corporate purposes.
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The Company previously announced that two significant shareholders of the Company, Tiny Capital Ltd. and Freemark Partners Holding Company (together, the “Private Sale Purchasers”) have agreed to enter into a private sale agreement with Ben Moore currently CEO of the Company’s subsidiary, Pixel Union Design Ltd. to purchase from Moore an aggregate of 41,667 Shares at the same price per Share as the Offering Price (the “Private Sale”). The Private Sale is expected to close in the coming days.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.