BuildDirect.com launches C$3m private placement with existing backers

The deal's backers include Pelecanus Investments, Lyra Growth Partners and Beedie Capital.

  • The private placement closing is expected to occur in multiple tranches within the next 30 days
  • David Lazar is resigning as Interim CEO of BuildDirect.com, effective September 11, 2022; Shawn Wilson has been named CEO, effective September 12, 2022
  • Most recently, Wilson served as vice president at Empire Today

BuildDirect.com Technologies, a Vancouver-based omnichannel building materials retailer, has launched a private placement of up to C$3 million to advance its strategy. The deal’s backers will include existing investors Pelecanus Investments, Lyra Growth Partners and Beedie Capital.

The private placement closing is expected to occur in multiple tranches within the next 30 days and is subject to various conditions, including approval of the TSX Venture Exchange. BuildDirect went public in Canada last year through a reverse takeover.

Also, David Lazar is resigning as Interim CEO of the company effective September 11, 2022 and the board of directors has appointed Shawn Wilson as CEO, effective September 12, 2022.

Most recently, Wilson served as vice president at Empire Today and previously held roles as CEO of Plum as well as senior management positions with Romanoff Renovations, The Home Depot and Mohawk Industries.

Also, Ethan Rudin resigned as chief financial officer effective August 31, 2022 but will remain with the company in the role of an advisor to ensure a smooth transition for the management team and Board. The board of directors has appointed Matthew Alexander to the role of Interim CFO effective September 1, 2022.

Dan Park has stepped down from his role as director of the company’s board of directors.