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by Stockwatch Business Reporter

The TSX Venture Exchange gained 8.48 points to 850.72 Friday. Geoff Balderson's fifth capital pool shell, the halted Aim Explorations Ltd. (AXN), has closed a $28.06-million subscription-receipt financing at 80 cents. The financing is in connection with the company's qualifying transaction: acquiring DMG Blockchain Solutions Inc. Aim had originally planned to sell $3-million worth of receipts at 30 cents in September, but then later in September, the blockchain hype allowed it to increase the financing to $4.2-million at 35 cents. But wait, there's more: It then increased the financing to $10-million worth at 80 cents and then finally to $25-million worth at 80 cents. It ended up selling still more, and now Aim says it has received orders for 861,500 shares at 80 cents ($689,200), which it plans to close with the QT, around Feb. 9, 2018.

DMG has a network of 260 servers in Western Canada where it claims to be already mining bitcoin. Since Aim first announced the QT plans (see Shell Summary for Sept. 20, 2017), the price of bitcoin has climbed by $10,000 (U.S.) to $14,722 (U.S.). It hit an all-time high of $17,856 (U.S.) on Dec. 15. DMG also says it is developing blockchain-based software for fleet management and payment processing, but those plans are still in the early stages. No company has yet to launch a commercial application for blockchain other than trading cryptocurrency. The State of Vermont, the U.S. Postal Service and the Bank of Canada have been studying uses for blockchain technology, but all three organizations have said that while interesting it is still too early to implement.

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