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Shell Summary for July 24, 2015

2015-07-24 20:50 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange declined 5.62 points to 592.48 Friday, ending the week down 36.32 points. Tony Melman's special purpose acquisition corporation, Acasta Enterprises Inc., has filed a final prospectus for the sale of 35 million Class A restricted voting units at $10 a unit for $350-million. The SPAC's brokers -- most of the banks plus Canaccord Genuity Corp. -- have an overallotment option of 5.25 million Class A restricted voting units at $10, for an additional $52.5-million. That means Acasta could raise a total of $402.5-million through the sale of $10 units. The company will close the offering next week, probably July 30, and begin trading under the symbol AEF shortly later.

The SPAC had originally intended to sell a $275-million prospectus offering before listing, but Mr. Melman declared much strong interest, and the very best sort of interest too, meaning supportive of the company's goals. According to the company's marketing material, Acasta will search for businesses with operations in North America that are non-resource based with an enterprise value of between $1-billion and $2-billion.

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