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Shell Summary for July 2, 2019

2019-07-02 21:19 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange slipped a fraction to close at 585.46 Tuesday. James McRoberts's first capital pool shell, Haw Capital Corp., has closed its qualifying transaction and launched Golo Mobile Inc. (GOLO: $0.25), a Montreal company with an app for ordering food (and a few other products) for delivery. Under the QT, the shell, which had 13.54 million issued shares, issued 113,235,292 shares to its target's shareholders. Today, Golo's stock opened at 41 cents and closed at 25 cents on 273,700 shares.

Golo's app is similar to Skip the Dishes. It enables users to order products on-line from local stores that do not offer delivery services, and then Golo takes care of the delivery. Dozens of local stores in Montreal and Toronto have agreed to accept orders through Golo's app and to release the ordered products to Golo's delivery drivers.

Golo first released its app in 2015. At the time, the company was called Fans Entertainment Inc., and its app was primarily meant for users who wanted food delivered to their seats in stadiums. Eventually, the company wisely expanded its service. Users now no longer need to have their orders delivered to stadiums. As well, they may now order not only restaurant food but also groceries, over-the-counter pharmacy products, flowers and pet products.

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