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by Stockwatch Business Reporter
The TSX Venture Exchange rose 6.12 points to 533.93 Wednesday. David Danziger's eighth capital pool shell, Aumento Capital VII Corp. (AUOC: suspended), plans to acquire an e-commerce company called Emerge Commerce Inc. for the shell's qualifying transaction. The terms are not yet available, but the shell will
roll back 1 for 1.33333, leaving it with 1.5 million shares issued.
Emerge is a Toronto company that acquires and operates retail websites. So far, it has five: WagJag, Buytopia, shop.ca, UnderPar and Just Golf Stuff. The first three websites offer discount goods and services (such as salon or spa services), as well as travel deals, to Canadian customers. The last two websites offer golf equipment and apparel to Canadian and U.S. customers. We should find out whether these five websites are profitable for Emerge Commerce when Aumento Capital VII submits its QT filing statement.
According to documents filed with the B.C. Securities Commission, Emerge sold $140,000 worth of convertible debentures to two unnamed investors in September, 2019. It has since sold $2.7-million worth of shares at 60 cents. On top of those financings, in connection with the company's going public, it must sell a $5-million private placement at 75 cents. In the meantime, the shell has agreed to lend $250,000 to Emerge to cover its transaction costs.
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