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Shell Summary for June 22, 2016

2016-06-22 19:09 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange inched up a fraction to 708.52 Wednesday. Charles Shin's suspended capital pool shell, Gulfstream Acquisition 1 Corp. (GFL), has cancelled its qualifying transaction with Blue Goose Capital Corp., a producer of organic beef, chicken and fish. Gulfstream does not provide a reason for the cancellation. When the shell announced its QT plan in February, it also did not provide the terms of the deal, except that the parties were aiming to sell a $20-million private placement to raise working capital for the resulting issuer. Blue Goose is owned 87 per cent by Dundee Corp.'s (DC: $7.49) Dundee Agricultural Corp. As of third quarter 2015, the Dundee group was restructuring the unprofitable Blue Goose.

Mr. Shin was a managing director at Canaccord Genuity Corp. for seven years until 2012. Gulfstream Acquisition is his first shell. He listed it in June, 2013, with a $250,000 initial public offering of shares at 10 cents. Now that the Blue Goose deal is off, Gulfstream will be penalized for failing to complete a QT within two years of listing. The shell reached its two-year deadline in June, 2015, and it has been suspended since then, but the TSX-V had granted it two deadline extensions. The second extension was to June 21, 2016. The TSX-V's two punishments for missing a QT deadline are a listing downgrade to the NEX board and the cancellation of half of a shell's escrowed shares. Mr. Shin holds 1.8 million of Gulfstream's 4.2 million escrowed shares. His holding represents 26.25 per cent of Gulfstream's 6,855,159 shares issued.

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