Emerge Commerce Ltd. closes reverse takeover transaction

1 minute read
08 December 2020

On December 8, 2020, Emerge Commerce Ltd. (TSXV: ECOM), formerly Aumento Capital VII Corporation ("Aumento"), a company incorporated under the laws of Ontario, announced the closing of the previously announced three-cornered amalgamation whereby Emerge Commerce Inc. amalgamated with a wholly-owned subsidiary of Aumento. The transaction constituted a change of business and a reverse takeover transaction of Aumento pursuant to the TSX Venture Exchange Policy 2.4 – Changes of Business and Reverse Takeovers.

Immediately prior to completing the transaction, Aumento consolidated its outstanding common shares on the basis of three quarters of a post-consolidation common share for every one common share of Aumento, and changed its name from Aumento Capital VII Corporation to Emerge Commerce Ltd.

Gowling WLG advised Emerge Commerce Inc. with respect to the reverse takeover and an associated private placement of subscription receipts with a team led by Ian Palm and Radhika Vaidyanathan and that included Sarah Baddeley, Adam Carlin and Lee Sykes (corporate) and Anita Yuk (tax).

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