05:11:15 EDT Thu 28 Mar 2024
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Shell Summary for July 7, 2015

2015-07-07 21:00 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 10.50 points to 652.83 Tuesday. Harry Chew's halted capital pool shell, Dragonfly Capital Corp. (DRC), plans to acquire Oleavicin LLC, a manufacturer and distributor of an all-natural gel used to treat skin ailments, as its qualifying transaction. Oleavicin claims that its gel, made with olive leaf extract, instantly treats cold sores, canker sores, fever blisters, psoriasis, shingles and dry skin.

For Oleavicin, with its miraculous cure-all product, Dragonfly must issue 15 million shares. The shell also must complete a private placement of up to seven million units at 15 cents for $1.05-million. Craig and Cindy Makela, a married couple who live in California, currently own 59.5 per cent of Oleavicin through their Makela Living Trust. The Makelas will join the board of Dragonfly when the QT closes and continue managing operations, with Craig serving as president and Cindy as vice-president of marketing. They founded Oleavicin in 2012. Their product comes in 1.3-ounce tubes, which are sold on-line for $12 (U.S.) on Amazon, and in roughly 100 specialty grocery stores on the West Coast of the United States, with plans to expand in Canada. The company also hopes to produce and sell lip balms, shampoos and conditioners, and other all-natural products.

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