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by Stockwatch Business Reporter
The TSX Venture Exchange fell 4.10 points to 596.90 Wednesday. Zachery Dingsdale and Steve Smith's fourth capital pool shell, Auston Capital Corp. (ASTN: halted), plans to merge with an aspiring Colombian CBD (cannabidiol) company, Cloris Ltd., for the shell's qualifying transaction. Cloris, which has 30,131,985 shares issued, will issue 3.1 million shares to the holders of Auston's 6.2 million shares issued. In connection with Cloris's going public, it must sell a $1-million to $7.5-million private placement at 50 cents, evidently leaving itself plenty of room for whatever might arise.
Cloris has applied for Colombian licences to extract CBD oils and isolates, and then export them. It hopes to receive the licences this month. It owns a five-hectare property in Colombia but has yet to build a cultivation and extraction facility. Neither Cloris's website nor Auston's news release mentions whether Cloris plans to grow marijuana or hemp; CBD can be extracted from either. According to one source, however, it is hemp that Cloris plans to grow.
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