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by Stockwatch Business Reporter
The TSX Venture Exchange gained 3.67 points to 508.15 Friday, ending the week up 8.63 points. Praveen Varshney's halted, eight-year-old capital pool shell, Genview Capital Corp. (GVW), is making progress with its third attempt at a qualifying transaction. The shell has signed a definitive deal to acquire Dharma Distributors Ltd., doing business as Hempco Canada Superfoods. The shell has also submitted a filing statement and received conditional TSX-V approval for the acquisition. Genview will roll back 1 for 2, leaving it with 4.2 million postconsolidated shares issued, then issue 20 million postconsolidated shares to the holders of Hempco Canada. To raise working capital for the resulting company, Genview must also sell a $1-million private placement of 2.5 million postconsolidated shares at 40 cents. On closing of the acquisition, the shell will change its name to Hempco Food and Fiber Inc.
The target, Hempco Canada, processes hemp seeds, then sells hemp seed oil, hemp seed nuts, hemp seed protein powder and hemp seed shells in bulk. It was formed in July, 2008, by brother and sister Charles Holmes and Angela Holmes, and is based in Burnaby, B.C. In its fiscal year ended Aug. 31, 2015, it earned $208,458 on sales of $4.04-million. In fiscal year 2014, it earned a higher $400,562 on sales of $3.19-million. Hempco Canada hopes to enter the retail market with hemp-based snack products, to be sold under the brand name PlanetHemp.
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