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Shell Summary for Sept. 8, 2020

2020-09-08 20:15 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 2.92 points to close at 730.77 Tuesday. Joanne Yan's capital pool shell, Evermount Ventures Inc. (ETV: halted), plans to acquire an aspiring e-commerce website operator called Video Commerce Group Ltd. for the shell's qualifying transaction. The shell, which has 4.3 million shares issued, will issue 51 million shares to its target's shareholders.

Video Commerce was founded in Oxford, United Kingdom, in March of this year. It is working on a website called Ooooo, which will be an e-commerce platform for beauty products. The company explains that Ooooo will not be like a typical retail website with just product descriptions and pictures. Instead, it will also have short videos and live broadcasts of product reviews by makeup artists and perhaps models. Video Commerce plans to launch Ooooo in the U.K. in the next few months. To raise money for the website, particularly for marketing purposes, the shell plans to sell a $4-million private placement at 40 cents. In the meantime, it has agreed to lend $225,000 to Video Commerce to cover transaction costs.

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