Business
EMERGE Announces Amendment to Credit Facility and Provides Update on Issuance of Shares for Services
EMERGE Announces Amendment to Credit Facility and Provides Update on Issuance of Shares for Servi...
About this update from Emerge Commerce Ltd
[{"type":"text","content":"\n \n \n \n EMERGE Announces Amendment to Credit Facility and Provides Update on Issuance of Shares for Services\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 31, 2023\n \n \n /CNW/ - EMERGE Commerce Ltd. (TSXV: ECOM) (\"\n \n EMERGE\n \n \" or the \"\n \n Company\n \n \"), 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\n \n October 27, 2022\n \n with its existing lender (the \"ARCA\") pursuant to which, inter alia, the Company has agreed to: (i) repay a minimum of\n \n $7,000,000\n \n by\n \n April 21, 2023\n \n , instead of\n \n $4,000,000\n \n by\n \n March 31, 2023\n \n towards the ARCA; and (ii) relax certain financial covenants to offer the Company additional flexibility.\n \n \n The Company remains in good standing with its existing lender, which it has worked with since\n \n November 2019\n \n .\n \n \n In addition, the Company has issued a final tranche of 375,000 Common Shares at a deemed price per Common Share equal to\n \n $0.08\n \n pursuant to the shares for services agreement previously announced on\n \n March 11, 2022\n \n . 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.\n \n \n \n About EMERGE\n \n \n \n EMERGE Commerce Ltd. (TSXV:\n \n ECOM\n \n ) 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.\n \n \n 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 ...