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Shell Summary for July 5, 2019

2019-07-05 21:29 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed down 1.05 points to 586.78 Friday, but it ended the week up 1.31 points. Robin Hutchison's second capital pool shell, RMR Science Technologies Inc. (RMS: halted), has submitted a filing statement for its qualifying transaction, which is the acquisition of a Nevada start-up called Cannogen Biosciences Inc. The shell, which has 7,735,775 shares issued, will issue 8,578,085 shares to its target's shareholders and note holders. To help finance the resulting issuer's business, the shell is selling a $3-million to $5-million private placement at 40 cents (lowered from 50 cents).

Cannogen has no business yet, but it has plenty of business plans. Its most immediate plan is to begin selling the following dietary supplements: Lucidal, Bonexid and Vitaloss. Lucidal, based on its label, claims to improve memory, mental clarity and focus. Bonexid claims to strengthen bones. Vitaloss claims to be a "turbo" weight-reduction supplement. All three products used to be available on Amazon and eBay, but they are not available now. Cannogen says it will buy already-manufactured units of these products and then sell them shortly after the QT closes.

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