This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The TSX Venture Exchange fell 7.70 points to 792.88 Wednesday. Ron Schmeichel's capital pool shell, Mira VII Acquisition Corp., has closed its qualifying transaction with a Montreal-based food delivery company. Today, the resulting issuer began trading as Goodfood Market Corp. (FOOD). It reached an intraday high of $3.50 before closing at $2.38 on 698,490 shares.

Mr. Schmeichel and the rest of the shell's directors resigned on closing of the QT. The resulting issuer is now in the hands of Jonathan Ferrari and Neil Cuggy, the founders of the shell's QT target. Mr. Ferrari and Mr. Cuggy worked together as analysts with RBC Capital Markets. They hold a combined 48.18 per cent of Goodfood's shares.

Mira VII listed in April, 2015, with a $250,000 initial public offering at 10 cents. For its QT, the shell rolled back 1 for 22.2222, which left it with 562,500 postconsolidated shares issued, then it issued 47,127,685 postconsolidated shares to its target's shareholders. Considering the rollback, the break-even price for the shell's IPO shareholders is now about $2.22. If they will have sufficient opportunity to get out of their investment with a profit, over the next year or so, then we will consider Mira VII to have been a successful shell. Mira VII was the 18th shell founded by the prolific Mr. Schmeichel. In the shell summaries for April 1, 2015, and Feb. 11, 2016, we discussed his shell-making record in detail, concluding that his first 17 shells yielded 14 successes and three failures for their IPO shareholders. Mr. Schmeichel's 19th shell, Mira IX Acquisition Corp. (MIA: $0.075), listed in August, 2015, with a $250,000 IPO at 10 cents. It has not yet announced a QT plan.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS