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by Stockwatch Business Reporter
The TSX Venture Exchange added 2.57 points to close at 598.08 Monday. Marc Sontrop's third capital pool shell, Aim3 Ventures Inc. (AIMC: halted), plans to acquire an aspiring African marijuana producer, Southern Sun Pharma Inc., for the shell's qualifying transaction. There are no terms yet, but the shell plans to roll back its 10.65 million shares, and the target plans to raise between $5-million and $10-million.
Southern Sun aims to grow and sell marijuana in sub-Saharan Africa. Specifically, the company is awaiting its cultivation, production and extraction licence in South Africa. It is also working on the acquisition of already-licensed producers in Lesotho and Zimbabwe, both countries that border South Africa. Northeast of Zimbabwe, Southern Sun is acquiring two companies that are awaiting their respective cultivation licences in Malawi.
According to a document filed on SEDAR, Southern Sun sold $1.3-million worth of units at 50 cents in August, 2018. Each unit comprised one share and one-half warrant, exercisable at 75 cents for three years. There were 45 subscribers, mostly from Ontario, none of them named.
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