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Shell Summary for April 27, 2016

2016-04-27 21:09 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange inched up a fraction to 657.96 Wednesday. Benoit Chotard's halted capital pool shell, Orletto Capital Inc. (OLE), has released the terms of its qualifying transaction, which is the acquisition of Devonian Health Group Inc. The holders of Orletto's 5,493,000 shares will receive 0.3641 share of the resulting issuer for each Orletto share held, so they will own a total of two million shares on closing of the QT. Meanwhile, Devonian's shareholders will own 38 million shares of the resulting issuer on closing.

Devonian Health holds the patent for a process of extracting and stabilizing thylakoids. The thylakoid is the part of a plant cell that is responsible for photosynthesis. Using this patented process, Devonian has developed a product called Thykamine, which is a potential treatment for ulcerative colitis (an inflammatory and unpleasant bowel disease). Devonian has already completed a phase 2a proof-of-concept clinical study for Thykamine, and the next step is to conduct phase 2 clinical trials. It will take some time, and probably a lot of money, before Devonian can sell Thykamine as a prescription drug, so the company has a more immediate plan to develop thylakoid-based cosmetic products. In theory, a skin cream that incorporates thylakoids would enable the skin to be revitalized, instead of damaged, by the sun's rays. Sadly for suntanners of the world, as well as for Devonian's shareholders, it remains a theory. Moving right along in the pie-in-the-sky department, Devonian has also registered the trademark R-Spinasome, which is the name of its formula for an anti-aging cream that counts spinach thylakoid as an ingredient. This sounds like good news not only for spinach farmers, but also for children who until now have had to eat the awful stuff -- better on Mom's face than in Johnny's mouth. In pursuit of this get-rich-on-spinach idea, the company hopes to begin manufacturing and to generate revenue soon. It has a 1,625-square-metre research lab and manufacturing facility in Montmagny, near Quebec City.

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