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Shell Summary for June 20, 2019

2019-06-20 20:50 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange climbed 8.65 points to 593.26 Thursday. Charles Chebry's second capital pool shell, Castlecap Capital Inc. (CSTL: halted), plans to acquire Plexus Technology Corp. for the shell's qualifying transaction. The complete QT terms are not yet available, but the shell plans to roll back 1 for 3, which will leave it with 1,333,333 shares issued.

Arriving 18 months after the craziest part of the cryptocurrency craze, Castlecap's QT involves cryptocurrency mining. Plexus is a Calgary company that hopes to generate low-cost electricity from the low-cost natural gas in Alberta and then sell that electricity to cryptocurrency miners. Indeed, the natural gas price benchmark in Alberta so far this year has averaged $1.90 per million British thermal units. In comparison, the year-to-date average of the international benchmark is $2.77 (U.S.) per million British thermal units. Natural gas in Alberta is cheap. Plexus Technology's ambition is to provide low-cost electricity not only to cryptocurrency miners (although they are the primary target) but also to marijuana growers.

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