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by Stockwatch Business Reporter
The TSX Venture Exchange gained 4.37 points to 537.28 Thursday. John-David Belfontaine and Kris Thompson have filed a preliminary prospectus to list their first capital pool shell, Conscience Capital Inc. The shell plans to sell a $1-million to $1.5-million initial public offering at 10 cents through PI Financial Corp.
Mr. Belfontaine, 40, is an investor relations man in Toronto. He offers his services through Prime Wire Media Inc., also known as Prime Wire Inc. and formerly Prime Communications Inc. Mr. Belfontaine is identified as the founder and promoter of Conscience Capital. He is also the largest escrow shareholder with 1.9 million shares. The shell sold its 9.8 million escrow shares at five cents last month.
Mr. Belfontaine has had one public company directorship: He founded Phivida Holdings Inc. (VIDA: $0.50), a packager and distributor of hemp products such as hemp oil and cannabidiol-infused drinks (the company extracts cannabidiol from hemp). Mr. Belfontaine listed Phivida on the Canadian Securities Exchange in December, 2017, with a $5.75-million IPO at 40 cents. The stock opened at 96 cents and traded up to a marvellous $2.20 in its first month. It has since declined to the vicinity of 50 cents, which is still a decent price level for the IPO shareholders. Phivida, however, is unprofitable. In the second quarter of 2018, it lost $3.13-million on paltry revenue of $5,393. Mr. Belfontaine left Phivida last week.
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You don't mention that 2 of the original directors resigned. You should probably dig up why they did. You also don't mention any lawsuits or current investigations against any director. You also don't mention that Belfontaine has been touting a big revenue AI deal for a CPC that shouldn't have a target. You also don't mention that Belfontaine, in emails, asked early investors to buy in multiple rounds including significant buying in the market. You also don't mention that garret Prins is also a shareholder who had OSC sanctions against him.