VICTORIA, British Columbia – (COMMERCIAL THREAD) – WeCommerce Holdings Ltd. (TSXV: WE) (“WeCommerce” or the “Company”) is pleased to announce that the Company has completed its previously announced bought deal financing (the “Offer”).
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. in connection with the partial exercise of the option over-allotment, 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 “Principal Underwriters”) and Raymond James Ltd. and Stifel Nicolaus Canada Inc. the “Insurers”).
In connection with the Offering, the Company paid the Underwriters a cash fee of 6% of the total gross proceeds from the Offering.
The Company intends to use the net proceeds of the Offering for strategic acquisitions as well as working capital and general corporate purposes.
The Company previously announced that two significant shareholders of the Company, Tiny Capital Ltd. and Freemark Partners Holding Company (together, the “Private Selling Buyers”) have agreed to enter into a Private Selling Agreement with Ben Moore, currently CEO of the Company’s subsidiary, Pixel Union Design Ltd. to purchase from Moore a total 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 listed in 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 an applicable registration or exemption from the requirements of ‘recording. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
About WeCommerce Holdings Ltd. :
WeCommerce is a holding company that has a family of businesses and brands in the Shopify partner ecosystem, including Pixel Union, Out of the Sandbox, Yopify, SuppleApps, Rehash, Foursixty, and Stamped. The primary focus of the company is to create, grow, and acquire businesses that serve the Shopify partner ecosystem. These activities mainly consist of software as a service, digital goods and services. Typically, these companies build apps and themes and run agencies that support Shopify merchants.
WeCommerce is focused on acquiring businesses with growth potential, a sustainable competitive advantage and who are, or have the potential to become, a leader in their particular market. The Company targets businesses within the Shopify ecosystem because of its confidence in the Shopify platform, the fragmented nature of the ecosystem, and the attractive economy that businesses typically exhibit. As one of Shopify’s first partners since 2010, WeCommerce believes it is well positioned to continue to identify acquisition opportunities in the Shopify partner ecosystem.
Caution regarding forward-looking information:
This press release contains statements that constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), including statements regarding plans, intentions, current beliefs and expectations. of the Company with respect to future business activities and operational performance. Forward-looking statements are often identified by the words “could”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate” , “Expect” or similar expressions and includes information regarding the use of the proceeds of the Offering; and the time of the closing of the Private Sale.
Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. forward-looking statements or information, including the Company’s ability to obtain all regulatory approvals necessary to complete the offering and other factors disclosed under the “Risk Factors” section of the Annual Information Form dated April 21, 2021.
Investors are cautioned that forward-looking statements are not based on historical facts but rather reflect the Company’s expectations, estimates or projections regarding future results or events based on the opinions, assumptions and estimates of management believed to be reasonable at the time. date the declarations are made. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve risks and uncertainties, and should not be relied upon unduly, as unknown or unforeseeable factors could have material adverse effects on the companies. future results, performance or achievements. the company. Among the key factors that could cause actual results to differ materially from those projected in forward-looking statements are: changes in economic, business and general policy conditions, including changes in financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulations; the risks and uncertainties associated with foreign markets. These forward-looking statements may be affected by risks and uncertainties relating to the Company’s business and general market conditions, including COVID-19.
If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove to be incorrect, actual results may differ materially from those described in this document as being expected, anticipated, anticipated, believed, estimated or expected. Although the Company has attempted to identify risks, uncertainties and important factors that could cause actual results to differ materially, there may be others that could cause results not to be as anticipated. , estimated or anticipated and these changes could be material. The Company does not intend and assumes no obligation to update forward-looking statements, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.