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Shell Summary for June 28, 2018

2018-06-28 19:08 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up a fraction to 737.41 Thursday. John Travaglini's second capital pool shell, Platform 9 Capital Corp. (PN: $0.19), began trading today. It opened at 20 cents and closed at 19 cents on 22,500 shares. Platform 9 sold a $335,300 initial public offering at 10 cents through Haywood Securities Inc. The shell's second-largest escrow shareholder is Rick Paolone, the manager of Haywood's Toronto branch, with 780,000 escrowed shares. The largest escrow shareholder is Mr. Travaglini with 800,000 of the shell's 4.07 million escrowed shares.

Mr. Travaglini runs an investment firm in Toronto called 4Front Capital Partners Inc. He is also a founding partner at Platform 8 Inc., which advises first nations groups on casino development. From 2014 to 2017, Mr. Travaglini was a director of Kraken Sonar Inc., now called Kraken Robotics Inc. (PNG: $0.22). He listed his first capital pool shell, Platform Eight Capital Corp. (PEC: halted), in February with a $334,700 IPO at 10 cents. Platform Eight is halted pending a potential qualifying transaction with GrowForce Holdings Inc., a licensed marijuana producer in Ontario. GrowForce also holds a 51-per-cent interest in an aspiring marijuana producer in Manitoba. Platform Eight and GrowForce plan to raise money, but the financing terms are not yet available. GrowForce sold $6.68-million worth of units at $1.65 in March. As part of the QT, Platform Eight will roll back its shares, but it has not yet announced the rollback ratio.

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