19:07:48 EDT Sun 25 Aug 2019
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Symbol C : *MKTSHEL
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Shell Summary for Jan. 22, 2019

2019-01-22 20:30 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up five points to 593.08 Tuesday. Donald Wright, Avi Grewal and John O'Sullivan's second capital pool shell, Cinaport Acquisition Corp. II (CPQ: halted), will hold its shareholders meeting on Jan. 30 (previously Dec. 20 and, before that, Dec. 4). In connection with the revised schedule, Cinaport II has filed a new information circular, which contains the name of an additional director nominee for its resulting issuer. For the shell's qualifying transaction, it is working to acquire a marijuana retailer called Fire & Flower Inc. Cinaport II will roll back 1 for 10.64815, leaving it with 1,446,260 shares issued, then issue 103,683,159 shares to Fire & Flower's shareholders and debenture holders.

Fire & Flower sells marijuana, along with marijuana accessories, in seven retail stores in Alberta and two in Saskatchewan. It also sells marijuana accessories by themselves in two more stores in Alberta. It intends to open more retail stores, including some in Manitoba, British Columbia and Ontario. To help finance its expansion plans, Fire & Flower sold a $36.5-million private placement at $1.50 in the fourth quarter of 2018. Earlier, in the spring and summer of 2018, it sold a $19.2-million private placement at 80 cents. The company has yet to release its financials. We should find out whether Fire & Flower is profitable when Cinaport II submits its QT filing statement.

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