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Shell Summary for Jan. 22, 2016

2016-01-22 20:52 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange rose 8.62 points to 483.67 Friday, ending the week down 5.29 points. Capital pool shells were quiet today. Geoff Gordon's shell graduate, Vogogo Inc. (VGO: $0.76), is being sued by Axiom Foreign Exchange International for $4.22-million over a deal that fell through two years ago. In September, 2013, three Calgary companies -- capital pool shell Cana Venture Capital Corp., payment processing company Redfall Technologies Inc. and Axiom Foreign Exchange -- planned to merge for Cana's qualifying transaction. First, Cana was going to acquire Redfall for 24.2 million shares at a deemed 25 cents a share; then the combined company was going to acquire Axiom for $4.75-million, consisting of $2.17-million in cash and 10.3 million shares at a deemed 25 cents a share. After both acquisitions, the resulting company's board would have comprised Cana president Ryan Danard, Redfall co-founder Geoff Gordon, and Axiom co-founders David Kelcher and Luciano Oliverio. Three months later, in December, 2013, Redfall cancelled the agreement among the three parties.

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