Emerge Commerce Ltd. announced a private placement and issued 14,960,000 units at a price of CAD 0.05 per unit for gross proceeds of CAD 748,000 on July 21, 2023. The transaction included participation from 12 placees including one pro group for 200,000 units. Each unit consists of one common share and one common share purchase warrant.

Each warrant is exercisable to purchase one common share at a price of CAD 0.10 per common share until July 21, 2025. The company paid a cash finder's fees of CAD 5,000 in connection with the closing of the offering. All securities issued pursuant to the offering are subject to a statutory hold period of four months from the date of issuance, expiring November 22, 2023, in accordance with applicable securities laws.

The Company has received conditional approval from the TSX Venture Exchange for the offering but has yet to receive final approval.