On September 30, 2003, Toronto–based CollectiveBid Systems Inc. completed a private placement of $8.1 million. Loewen Ondaatje McCutcheon Limited acted as agent, and the investor participants included Lawrence Technology Venture Fund, Centerfire Growth Inc., Lawrence Enterprise Fund Inc., Venturion VGI Limited Partnership, Strategic Nova Canadian Technology Fund, the BTR Global Arbitrage Fund and certain employees of CollectiveBid Systems. CollectiveBid Systems is an electronic fixed income marketplace developer and operator. It will use the funds to develop additional system functionality, provide new innovative securities trading capabilities and emphasize superior trade execution services to its existing and growing Canadian and international client base.
CollectiveBid Systems was represented by Stikeman Elliott LLP, with a team that included Curtis Cusinato, Dean Koumanakos and Jonathan Gupta. The agent was represented by McMillan Binch LLP, with a team that included Stewart Ash and Mark Adams. The lead investor, Lawrence & Company Inc., was represented by Ogilvy Renault with a team that included Rick Sutin, Susan Morais and Alan Sinclair.