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Shell Summary for Feb. 18, 2015

2015-02-18 20:49 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained a fraction Wednesday, closing at 697.98. David Mitchell's halted capital pool shell, Whiteknight Acquisitions III Inc. (WKA), plans to acquire Pronghorn Transportation Group Inc. as its qualifying transaction, but first Pronghorn must make an acquisition of its own.

To begin, Whiteknight will roll back its shares 1:2, leaving it with 2,570,250 postconsolidated shares. It will then issue 24,316,000 postconsolidated shares to the shareholders of Pronghorn, but for this to happen Pronghorn must have started acquiring smaller transportation and logistics companies in Southeastern Ontario. A group of investors, including Whiteknight's Mr. Mitchell, incorporated Pronghorn in 2013 for just this purpose. Since then, it has indeed started the paperwork to acquire its first target, Canamex Cabra Transportation Services Inc., a transportation and logistics company with offices in Brampton and Mississippi. Pronghorn must complete its acquisition of Canamex before it can close the QT with Whiteknight. The shareholders of Canamex will receive 22,816,000 of the shares that Whiteknight will issue to acquire Pronghorn. The remaining shares, 1.5 million, will go to the founding shareholders of Pronghorn -- a sort of finder's fee.

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