- BuildDirect Technologies Inc. (BILD) has signed a $3 million non-brokered private placement and announced a change to its senior management and board of directors
- BuildDirect is an omnichannel building material retailer
- The transaction is is made up of approximately 6.52 million common shares at a price of $0.46 per common share and will close within the next month
- An interim CFO, Matthew Alexander and new CEO, Shawn Wilson, are joining the company
- BuildDirect Technologies Inc. (BILD) is unchanged trading at $0.40 per share as of 3:21 p.m. ET
BuildDirect Technologies (BILD) has announced a $3 million non-brokered private placement and changes to its senior management and board of directors.
BuildDirect is an omnichannel building material retailer that connects North American home improvement B2B and B2C organizations and homeowners with quality building materials and services.
Under the private placement, BuildDirect will issue approximately 6.52 million common shares to Pelecanus Investments, Lyra Growth Partners and Beedie Investments at a price of $0.46 per share for total gross proceeds of up to $3,000,000.
Proceeds will be used to advance BuildDirect’s strategy and for general working capital purposes. The transaction is expected to close within the next month.
Because Pelecanus, Lyra and Beedie are insiders of BuildDirect, participation by these parties in the private placement constitutes a related party transaction
In other news, Ethan Rudin has resigned as CFO of BuildDirect, but will remain with the company as an advisor. Matthew Alexander will assume the role of interim CFO.
David Lazar is resigning as interim CEO of the company effective September 11. Shawn Wilson will take on the interim CEO role.
Lastly, Dan Park has stepped down from his role as Director of the company effective immediately.
BuildDirect (TSXV: BILD) is a growing omnichannel building material retailer.
BuildDirect Technologies Inc. (BILD) is unchanged trading at $0.40 per share as of 3:21 p.m. ET.