BuildDirect announces private placement of up to CAD $3M and senior management changes
by CM Staff
BuildDirect announces the Private Placement of up to approximately 6,522,000 common shares at a price of $0.46 per Common Share for total gross proceeds of up to $3,000,000.
VANCOUVER — BuildDirect.com Technologies Inc. announces a non-brokered private placement and also announces key changes to its senior management and Board of Directors.
BuildDirect announces the Private Placement of up to approximately 6,522,000 common shares at a price of $0.46 per Common Share for total gross proceeds of up to $3,000,000. Pelecanus Investments Ltd., Lyra Growth Partners Inc. and Beedie Investments Ltd. will participate in the Private Placement. The Company will use the net proceeds from the Private Placement to continue to advance BuildDirect’s strategy and for general working capital purposes.
Closing of the Private Placement is expected to occur in multiple tranches within the next 30 days and is subject to various conditions, including approval of the TSX Venture Exchange. No finder’s fee is payable in connection with this financing.
Pelecanus, Lyra and Beedie are insiders by virtue of currently holding 37.7%,12.9% and 11.4% respectively of the issued and outstanding common shares of the Company on a partially diluted basis.
The Company announces the following changes to its senior management and Board of Directors:
- Ethan Rudin is resigning as Chief Financial Officer of the Company effective August 31, 2022 but will remain with the Company in the role of an Advisor to ensure a smooth transition for the management team and Board. The Board of Directors of the Company has appointed Matthew Alexander to the role of Interim Chief Financial Officer effective September 1, 2022;
- David Lazar is resigning as Interim Chief Executive Officer of the Company effective September 11, 2022 and the Board of Directors of the Company has appointed Shawn Wilson as Chief Executive Officer effective September 12, 2022.
- Dan Park has stepped down from his role as Director of the Company’s Board of Director’s effective immediately.
Shawn Wilson is an executive with cross-functional experience throughout the building materials industry including e-commerce, big-box retail, manufacturing and installation services.
Matthew Alexander has worked under Ethan for the duration of Ethan’s time as Chief Financial Officer of BuildDirect and partnered to help lead the Company’s last two acquisitions as well as its reverse takeover transaction in August 2021. He has experience over a diverse set of industries, including SaaS, technology, financial services, and media. Matt joined BuildDirect in 2020 and has held the roles of Director, Finance and VP, Finance during his time with the Company.