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by Stockwatch Business Reporter
The TSX Venture Exchange rose 5.42 points to 585.47 Friday, but it ended the month down 16.08 points. Scott McGregor's first capital pool shell, Gegs Capital Corp. (GEGS: halted), has submitted a filing statement for its qualifying transaction, which is the acquisition of an e-sports (competitive video gaming) company called UMG Media Corp. The shell will roll back 1 for 4, leaving it with 3,648,000 shares issued, then issue 37,801,503 shares to its target's shareholders.
UMG Media hosts video-gaming competitions on-line as well as in live events (in which players gather together to compete, and other video-gaming enthusiasts can watch the games live on big screens). According to the company's website, it has so far given out $394,569 (U.S.) worth of cash prizes to the winners of its free-to-enter tournaments on-line. UMG Media, which was founded in 2012, boasts of having 2.1 million website users who have so far played video games on its website 18 million times.
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