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 added 5.49 points to 1,002.20 Thursday. Gregory Hewitt has found another qualifying transaction target for his halted five-year-old capital pool shell, 71 Capital Corp. (SVN). This time it has a letter of intent to acquire Brightstar Seniors Living Corp., which plans to build and operate senior housing projects in or near Toronto. This is the shell's fifth QT attempt since listing on Christmas Eve, 2008.

71 Capital will roll back its shares 1:5, leaving it with 882,260 postconsolidated shares, and then issue 18 million postconsolidated shares to Brightstar's shareholders. So far, the target has not built anything and therefore has no revenue, but it claims to have proper zoning and permits to begin building a 78-unit, four-storey condominium project in Newcastle, Ont., in 2015. Brightstar Seniors Living is calling the development Brookhouse Gate Condominiums, and prices will start at $249,900 for a one-bedroom-plus-den condo.

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