Aumento Capital VIII and Eddy Smart Home Solutions complete qualifying transaction
On January 13, 2022, Aumento Capital VIII Corp. ("Aumento") and Eddy Smart Home Solutions Inc. ("Eddy") announced the completion of their arm's length qualifying transaction (as defined by the TSX Venture Exchange), pursuant to which Aumento and Eddy combined their respective businesses by way of a three-cornered amalgamation.
In connection with the transaction:
- all subscription receipts of Eddy issued pursuant to its brokered private placement for aggregate gross proceeds of C$12,308,260.80 were converted into common shares of Eddy on the basis of two Eddy common shares for every one subscription receipt and the proceeds therefrom were released from escrow;
- all Eddy common shares were exchanged for common shares in the capital of Aumento (the "Resulting Issuer Shares") on the basis of 0.504867 shares in the Resulting Issuer for every one common share of Eddy; and
- Aumento changed its name from "Aumento Capital VIII Corp." to "Eddy Smart Home Solutions Ltd."
The shares in the Resulting Issuer are expected to resume trading under the symbol "EDY" on or about January 21, 2022.
Further information can be found on NewsFile’s website.
Eddy is a Toronto-based award-winning innovative manufacturer of smart water metering products and related technologies, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioural learning software.
Aumento, incorporated under the Business Corporations Act (Ontario) on November 20, 2020, is a capital pool company as defined under the CPC Policy. Aumento has not commenced commercial operations other than to enter into discussions for the purpose of identifying potential acquisitions or interests.