TORONTO, March 31, 2023 /CNW/ - EMERGE Commerce Ltd. (TSXV: ECOM) ("EMERGE" or the "Company"), a diversified acquirer and operator of niche e-commerce brands, announces that the Company has entered into an amendment agreement to the Company's amended and restated credit agreement dated October 27, 2022 with its existing lender (the "ARCA") pursuant to which, inter alia, the Company has agreed to: (i) repay a minimum of $7,000,000 by April 21, 2023, instead of $4,000,000 by March 31, 2023 towards the ARCA; and (ii) relax certain financial covenants to offer the Company additional flexibility.
The Company remains in good standing with its existing lender, which it has worked with since November 2019.
In addition, the Company has issued a final tranche of 375,000 Common Shares at a deemed price per Common Share equal to $0.08 pursuant to the shares for services agreement previously announced on March 11, 2022. The Common Shares are subject to a standard four month hold period. No further consideration is payable under the share for services agreement which has ended.
About EMERGE
EMERGE Commerce Ltd. (TSXV: ECOM) is a diversified acquirer and operator of profitable niche e-commerce brands. EMERGE's subscription and marketplace e-commerce properties provide their members with access to pet products, premium meat & groceries, outdoor gear, golf, and other curated experiences.
Our portfolio houses various online destinations including WholesalePet.com, truLOCAL.ca, BattlBox.com, UnderPar.com, JustGolfStuff.ca, CarnivoreClub.co, WagJag.com, BeRightBack.ca, and Wanlow.com. EMERGE was named one of Canada's Top Growing Companies by Globe and Mail in 2022 (and 2020), and one of the fastest growing companies in Canada by the Startup 50 in 2020.
To learn more about EMERGE, visit https://www.emerge-brands.com/
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Cautionary notice
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board
Ghassan Halazon
Director and CEO
SOURCE EMERGE Commerce Ltd.
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