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by Stockwatch Business Reporter

The TSX Venture Exchange gained 2.28 points to 806.67 Wednesday. Eric Boehnke's NEX shell, Trenchant Capital Corp. (TCC: $0.44), has filed a prospectus for a brokered financing: It is selling $5-million to $20-million worth of 9-per-cent, five-year debentures at $1,000. The debentures will be convertible into shares at $1 or higher, depending on the price of Trenchant's shares at the time. The shell will use the proceeds to finance its plan to become an investment company. Previously, Trenchant tried to sell a $10-million to $20-million offering of units, each consisting of a debenture and shares, through Industrial Alliance Securities Inc., but that offering did not close. Now, Trenchant is selling its debenture financing through Industrial Alliance and nine more brokerage firms.

Trenchant plans to provide a $5-million to $20-million secured loan to its first investment, Hillcore Group Ltd., which is itself an investment firm. Hillcore estimates that it had $4.4-billion worth of assets under management on Dec. 31, 2015. Among Hillcore's main investments is Waiward Steel LP, which is a construction, steel fabrication, and engineering and drafting services firm based in Edmonton. Waiward was founded in 1972. According to Trenchant, Waiward had more than $200-million worth of revenue in each of 2015 and 2016. (Nothing is said about Waiward's profit or loss, nor Hillcore's liabilities.)

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