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Shell Summary for Dec. 7, 2016

2016-12-07 20:00 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 1.77 points to 749.97 Wednesday. Campbell Deacon's suspended capital pool shell, Pounder Venture Capital Corp. (PDR), has revised the terms of its acquisition of Pool Safe Inc., a maker of waterproof poolside safes. The shell will roll back 1 for 4, leaving it with 1,786,922 postconsolidated shares issued, then issue 41,451,627 postconsolidated shares to Pool Safe's shareholders. Previously, the terms did not include a rollback, but the proportion of resulting issuer shares to be held by the two companies' shareholders was the same. Pounder Venture has also submitted a filing statement for the acquisition, which will serve as its qualifying transaction. The shell will hold a meeting on Dec. 19 to seek shareholder approval for the rollback and a name change. The acquisition itself is an arm's-length deal and does not require shareholder approval.

Pool Safe was formed in October, 2011, in North York, Ont. Its product is a waterproof personal safe, which is meant to be placed next to a poolside lounge chair at a hotel, resort or cruise ship. A user can keep his valuables in the safe, then lock and unlock it with a PIN code. He can also charge his cellphone, tablet or camera, using the safe's solar-powered USB charger. As well, he can press a button on the safe to call the attention of staff, in case he wants to order a drink or request a towel. Now, if you are picturing a high-tech steel box, then you need to adjust that image. Picture a cooler instead. The door of the safe is aluminum, but the rest of the exterior is plastic. The top of the safe doubles as a cupholder, and there is space to print the logo of the hotel, resort or cruise ship. Pool Safe recommends that its customers (the hotels et al.) rent out the sides of the safe as advertising space, which sounds tacky. It offers the service of wrapping the sides of the safe in custom-printed vinyl.

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