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Shell Summary for Oct. 16, 2020

2020-10-16 20:23 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 2.07 points to 725.31 Friday. David Danziger's eighth shell, Aumento Capital VII Corp. (AUOC: suspended), has released the terms of its qualifying transaction. It has also provided details such as its target's financials and a financing update. The shell is acquiring Emerge Commerce Inc., an operator of retail websites including Buytopia, shop.ca and Just Golf Stuff. The shell will roll back 1 for 1.3333, leaving it with 1.5 million shares issued, then issue 79,522,774 shares to its target's shareholders.

In 2019, Emerge lost $1.4-million on revenue of $4.16-million. In the first half of 2020, it lost $540,243 on revenue of $4.62-millilon. Losses aside, Emerge has managed to raise $8.73-million at 75 cents, with help from agents Canaccord Genuity Corp. and Gravitas Securities Inc. The resulting issuer will use part of the proceeds for acquisitions and debt repayment.

The founder of Emerge is Ghassan Halazon, 35, of Toronto. He will continue as the chief executive officer of the resulting issuer. From June, 2008, to May, 2010, he was an associate at Citigroup Inc. (C: $43.19 (U.S.)) in New York. Then from 2010 to 2014, he was the CEO of Buyers Unite Inc., which had a website called TeamBuy that offered group discounts. TeamBuy was acquired in 2014 for an undisclosed amount by a private U.S. company. Mr. Halazon founded Emerge in 2015. On closing of the QT, he will hold 10.22 million shares or 13.3 per cent.

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