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Shell Summary for Nov. 29, 2016

2016-11-29 19:32 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 1.90 points to 734.91 Tuesday. Harry Chew and Sonny Chew's capital pool shell, Shogun Capital Corp., has completed its qualifying transaction by acquiring International Cannabis Corp., a licensed producer of recreational cannabis, medical cannabis and industrial hemp in Uruguay. The shell, which had 6,200,010 issued shares, issued another 106 million shares to its target's shareholders. Today, the resulting issuer began trading as ICC International Cannabis Corp. (ICC). It was the second-busiest trader on the TSX-V. It reached an intraday high of $1.28 before closing at $1.14 on 8.42 million shares.

Before the QT closed, the target sold a $13-million brokered private placement of resulting issuer shares at 50 cents. There were 125 placees, of whom none was an insider or a pro group. The two brokers, GMP Securities LP and Mackie Research Capital Corp., fared unusually well, enjoying a combined commission of $910,000, as well as warrants to buy 1.82 million resulting issuer shares at 50 cents for two years.

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