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Shell Summary for Jan. 21, 2015

2015-01-21 20:54 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange added 7.49 points to 679.05 Wednesday. Geoff Balderson's suspended capital pool shell, Aim Explorations Ltd. (AXN), expects to complete its acquisition of Heart Force Medical Inc., a medical device company, by Feb. 18, 2015.

Aim will roll back its shares 1:2, leaving it with 2.05 million postconsolidated shares, and then issue 44,820,539 postconsolidated shares to the shareholders of Heart Force, after which the shell will change its name to HFM Technologies Inc. The target must also complete a $2-million private placement of eight million shares at 25 cents. Those shares will be held in escrow until the QT closes, and then convert into shares of HFM Technologies.

Since 2006, Heart Force has spent more than $10-million building a heart monitor with a peculiar name, the first half of which is indecipherable: the SPhENo-Cardiograph. Heart Force describes its SPhENo-Cardiograph as a non-invasive system that assesses the electro-mechanical function of the heart. It can be used for fitness evaluation, for detecting early signs of cardiac disease, or for monitoring patients during surgery when they are under anesthesic. So far, the device is not for sale, which means no revenue, but the company anticipates getting approval from Health Canada to begin selling its product this year.

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