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Shell Summary for May 21, 2019

2019-05-21 20:35 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 3.26 points to 612.41 Tuesday. Chengyuan Liu has filed a final prospectus to list his first capital pool shell, Vector REIT Inc., with a $200,000 initial public offering at 20 cents. The IPO agent is Raymond James Ltd. Since filing its preliminary prospectus in March, the shell has added a diretor, Jeffrey Tung.

Mr. Tung, 33, is a chartered financial analyst in Toronto. He is the chief operating officer of Chuck Rifici's marijuana investment firm, Auxly Cannabis Group Inc. (XLY: $0.83). Previously, from 2013 to 2017, Mr. Tung was a partner at Windley Ely Inc., a consulting firm that helps Canadian employees with things like worker's compensation claims and short-term disability claims. Vector REIT has issued 50,000 escrow shares at 10 cents to Mr. Tung. This has increased the number of the shell's escrow shares to 3.05 million.

Mr. Tung forgot to mention in Vector REIT's prospectus that he is also a director of Inner Spirit Holdings Ltd. (ISH: $0.21), a franchiser of marijuana retail stores called Spiritleaf. Inner Spirit's franchisees have so far opened Spiritleaf stores in Alberta, Saskatchewan and Ontario. The above-mentioned Auxly Cannabis holds 25.94 million shares of Inner Spirit out of 193.25 million shares issued. As of December, 2018, neither Auxly nor Inner Spirit was profitable.

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