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by Stockwatch Business Reporter
The TSX Venture Exchange gained 3.19 points to 623.54 Thursday, ending the month up by a fraction (0.82 point). John Thompson and Azim Dhalla's first capital pool shell, Foremost Ventures Corp. (FMV: halted), plans to acquire a Vancouver software developer, SmartShare Solutions Inc., for the shell's qualifying transaction. The shell will roll back 1 for 2, leaving it with two million shares issued, then issue 14,285,714 shares to its target's shareholders. In connection with this QT, SmartShare plans to raise $350,000, while Foremost Ventures plans to raise at least $1.2-million. Terms for either financing are not yet available.
SmartShare is working on parking management software, called OpenSpot, for use by cities and other parking operators. It is testing OpenSpot with help from the City of Vancouver, the City of Surrey and Telus Corp. (T: $47.80).
SmartShare's chief executive officer and chief operating officer, respectively, are Sam Chandola and Thamer Matar. CEO Chandola refers to himself as "The Showman." In 2012, he got a diploma in entertainment business management from the Vancouver Film School. The following year, he founded a mobile game developer, V2 Games Inc., which last year was acquired by Victory Square Technologies Inc. (VST: $0.35) for an undisclosed amount.
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