Shoes.com announced the closing of a non-brokered private placement of common shares. The company raised net proceeds of approximately $45 million, principally from existing shareholders, at a valuation of $275 million with all stock issued being “common shares.” The offering was significantly oversubscribed.
“It's been an exciting nine months for the team at Shoes.com, We are thrilled to see so many of our existing shareholders invest in this follow on round given our recent successes,” said Roger Hardy, CEO of Shoes.com. “We have been great stewards of capital in the past generating explosive returns for shareholders, and the overwhelming level of interest in this financing reaffirms investor confidence in this exciting growth project and world class team. We are now fully funded to execute our growth strategy over the coming quarters as we build the World's leading omni-channel footwear and apparel destination.”
Our most recent quarter displayed impressive growth of more than 80 percent year over year. The company is well positioned to meet its 2015 gross revenue target of over $300 million.
