BuildDirect Launches C$5M Non-Brokered Private Placement to Fund Strategic Acquisition

BuildDirect.com Technologies Inc. announced a non-brokered private placement of up to C$5,000,000, offering as many as 2,083,333 common shares at C$2.40 per share. The company, which trades on the TSX Venture Exchange under the ticker BILD and on the OTCQB as BDCTF, describes itself as an omnichannel building materials retailer.

Proceeds are earmarked primarily to fund a portion of the purchase price under an already-executed asset purchase agreement for an undisclosed strategic acquisition, with the remainder to be used for working capital and general corporate purposes. The company did not name the acquisition target in its announcement.