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Shell Summary for July 24, 2019

2019-07-24 21:13 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 4.19 points to close at 593.15 Wednesday. Eugene Hodgson and David Smalley's capital pool shell, Efficacious Elk Capital Corp. (EECC: halted), plans to acquire Frontier Wellness Management Inc. for the shell's qualifying transaction. The shell will roll back 1 for 1.7, leaving it with 3,588,238 shares issued, then issue 22,701,650 shares to its target's shareholders. The shell will also issue 24 million shares to Maeva SL, a Spanish company from which Frontier Wellness is acquiring a CBD (cannabidiol) business.

The shell's direct acquisition target, Frontier Wellness, was formed in Vancouver only five months ago. It is in the process of acquiring from Maeva a Spanish CBD products retailer called Rucal SL. Frontier Wellness, which has at least $1.7-million in the bank, will lend two million euros to Rucal for working capital. Frontier will also make a one-million-euro equity investment in Rucal. In connection with Frontier's going public, it must raise $1.3-million at 25 cents or higher. In a separate financing, Frontier and Elk Capital together must raise $3-million. So far, they plan to sell shares at 25 or 30 cents. The money that the shell and its target will raise will help finance Rucal's business.

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