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Shell Summary for Feb. 14, 2017

2017-02-14 20:51 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 1.92 points to 835.32 Tuesday. Benoit Chotard's suspended capital pool shell, Orletto Capital Inc. (OLE), has filed a slightly amended final prospectus for its $6-million to $10-million offering of eight million to 13,333,333 units at 75 cents. The shell is raising money in connection with its qualifying transaction, which is the acquisition of a plant-based-drug developer called Devonian Health Group Inc. Under the shell's QT, the holders of its 5,493,000 issued shares will receive 0.364099763 share of the resulting issuer for each Orletto share held, so they will own two million shares of the resulting issuer on closing. Meanwhile, Devonian's shareholders will receive 43,009,068 shares (previously 40,003,831) of the resulting issuer. Devonian's principals will receive the royally disliked (not by them, of course) multiple voting shares, while everyone else will receive subordinate voting shares.

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