Emerge Commerce closes $11.9 million in first tranche of private placement
Summary
Four months after going public on the TSX Venture Exchange (TSXV) and acquiring an online subscription service company, Toronto-based Emerge Commerce, which owns and operates e-commerce brands, has closed approximately $11.9 million in the first tranche of a private placement. The brokered portion of the private placement was led by Canaccord Genuity Corp and Gravitas Securities as bookrunners, and Raymond James Ltd as a co-lead agent, in addition to Stifel Nicolaus Canada. Emerge Commerce said the proceeds from the private placement will be used for potential acquisitions, working capital, and general corporate purposes. Founded in 2015 by CEO Ghassan Halazon, the company operates in a wide array of e-commerce categories, including groceries, golf, and travel, among others. truLOCAL offers direct-to-consumer monthly locally-sourced meat product plans through an online subscription service that ships overnight to consumers.