Payfare Inc. (TSX:PAY) today successfully closed its previously announced initial public offering of 10,900,000 Class A common shares at a price of $6 per common share for total gross proceeds of CDN$65,400,000.
Gowling WLG advised Payfare on the offering, the net proceeds of which Payfare will use to repay its short-term debt in full, finance growth and expansion initiatives (including potential future acquisitions), and for general corporate purposes, including investing in new services and technologies.
"This is a milestone moment for our client, and we feel privileged to have been a part of it," said Peter Simeon, partner, who led Gowling WLG's client team on this file. "We remain committed to supporting Payfare any way that we can as it enters an exciting new phase of growth and innovation."
In addition to Simeon, Gowling WLG's client team included Sharagim Habibi, Taylor Hanson, Martin Mix (corporate/securities), and Paul Carenza and Ted Thiessen (tax).
Payfare is a global financial technology company powering digital banking and instant or near-instant payment solutions for today's gig workforce. Payfare partners with major gig platforms in the gig economy to drive financial inclusion and empowerment for next-generation gig workers. For further information please visit payfare.com
About Gowling WLG's Capital Markets Group
Whether you're obtaining or maintaining your listing, looking for financing or providing it, you need legal advice you can rely on from seasoned lawyers who've been through the process and know how to make it work. At Gowling WLG, we have vast experience in fundraising ventures and acting for capital markets participants in Canada and around the world, and take great pride in what we help our clients achieve. Learn more