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Shell Summary for March 9, 2017

2017-03-09 20:56 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 4.13 points to 788.85 Thursday. Dave Eto's capital pool shell, Kanzen Capital Corp. (KAN: $0.15), listed on the TSX-V today. Not unusually for capital pool shells, it did not trade. Kanzen sold a $600,000 initial public offering of four million shares at 15 cents. Its founder, Mr. Eto, is the chief executive officer of hemp products company Naturally Splendid Enterprises Ltd. (NSP: $0.295) and a former CEO of the more wholesome British Columbia Dairy Association.

Kanzen is the third capital pool shell to have listed this year, following former broker Mo Fazil's Harbour Star Capital Inc. (HSC: $0.15), which sold a $506,800 IPO at 10 cents, and securities lawyer Michael Thomson's Soleil Capital Corp. (SOLE: $0.12), which sold a $1-million IPO at 10 cents. By this time last year, four capital pool shells had listed.

Paul Barbeau's halted capital pool shell, Panda Capital Inc. (PDA), has identified the director nominees for its resulting issuer. For the shell's qualifying transaction, it is acquiring ABcann Medicinals Inc., a licensed marijuana producer in Napanee, Ont. The shell, which has 2,812,500 shares issued, will issue 65,264,681 shares to its target's shareholders. Panda Capital will hold a shareholders meeting on March 30 to seek approval for a name change to ABcann Global Corp. The acquisition itself does not require shareholder approval, because it is an arm's-length deal. At the meeting, Panda's shareholders will also elect the directors of ABcann Global: Aaron Keay, Kenneth Clement, Andrew LaCroix, Paul Lucas, John Easson and Daryl Kramp.

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