The former Sitebrand Inc. has raised its first round of funding since the bankruptcy of its subsidiary in 2010.
The Ottawa-based firm raised $1,012,500 in a private placement of 18,000,000 subscription receipts it first announced in February, slightly exceeding the $1 million it targeted at the time.
The company also followed through with a previous announcement that it would change its name to Marchwell Ventures Ltd, and said it would transfer its shares – currently on the TSX Venture Exchange – to the NEX.
"The corporation has not maintained the requirements for a TSX Venture Tier 2 company and as such, the corporation will be transferring its listing to the NEX," Marchwell stated.
"NEX is a separate board of the exchange for companies previously listed on the exchange which do not meet, among other things, the ongoing listing requirements of the exchange."
Marchwell did not elaborate on the reasons it did not meet the requirements. The firm had a cease-trade order on its shares for several months after delaying its financial filings after the insolvency.
The company, formerly an online marketing firm, has not revealed what it plans to do with the money.
Following the bankruptcy, Sitebrand sold the assets to local competitor Cactus Commerce and gained $943,000 after writing off the assets.