BuildDirect inks $3m debt funding provided by key investors Technologies, a Vancouver-based online building materials marketplace, has raised $3 million in secured debt financing. Technologies, a Vancouver-based online building materials marketplace, has raised $3 million in secured debt financing. The loan was provided by Pelecanus Investments, Lyra Growth Partners and Beedie Capital, all investors in the company. BuildDirect went public in Canada last year through a reverse takeover.


VANCOUVER, BC, Feb. 15, 2022 /CNW/ – Technologies Inc. (TSXV: BILD) (“BuildDirect” or “Company”), announces the closing of a secured debt financing pursuant to which it issued, via its wholly owned subsidiary BuildDirect Operations Limited, secured notes to Pelecanus Investments Ltd. (“Pelecanus”), Lyra Growth Partners Inc. (“Lyra”) and Beedie Investments Ltd. (“Beedie Capital”) in an aggregated amount of US $3 million (the “Loan”).

Terms of the Loan include the following:
The Loan matures on July 2, 2022;
The Loan bears interest at an annual rate of 12% compounded monthly and is payable upon repayment of the Loan; and
A commitment fee equal to 1% of the Loan is payable upon repayment of the Loan.
The net proceeds from the Loan will be used to continue to advance BuildDirect’s strategy and for general working capital purposes of the Company. The TSX Venture Exchange has been provided notice of the Notes under TSXV Policy 5.1 – Loans, Loan Bonuses, Finder’s Fees and Commissions.

Pelecanus, Lyra, and Beedie Capital are insiders by virtue of holding 40.2%, 12.9% and 11.4% respectively of the issued and outstanding common shares of the Company on a partially diluted basis. As a result of the foregoing, the secured notes issued to the above entities constitutes a related party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied upon the exemptions from the formal valuation and minority shareholder approval requirements in sections 5.5(b) – Issuer not Listed on Specified Markets and 5.7(1)(a) – Fair Market Value Not More Than 25 Per Cent of Market Capitalization, respectively of MI 61-101.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About BuildDirect
BuildDirect (TSXV: BILD) is an innovative technology platform for purchasing and selling building materials online. The BuildDirect platform connects homeowners and home improvement professionals in North America with suppliers and sellers of quality building materials from around the world, including flooring, tile, decking and more. BuildDirect’s growth, proprietary heavyweight delivery network, and digital reach have served to solidify its role as a ground-breaking player in the home improvement industry. For more information, visit