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Shell Summary for July 25, 2019

2019-07-25 20:41 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 1.42 points to 591.73 Thursday. Timothy McCunn's second capital pool shell, Mercal Capital Corp., has completed its qualifying transaction. At the close of trading on Tuesday, its shares delisted from the NEX. Under the QT, Mercal's shareholders received shares of Eureka 93 Inc. (ERKA: $1.60), a U.S. hemp cannabidiol (CBD) extraction and processing company that trades on the Canadian Securities Exchange. Eureka's stock has since traded between $1.55 and $1.765. Mercal's shareholders, who need Eureka's stock to trade at 37 cents to break even on their shell investment, are doing well so far.

Shell-maker Mr. McCunn is a partner at Perley-Robertson, Hill & McDougall LLP, a law firm in Ottawa. His first capital pool shell, Percy Street Capital Corp., closed its QT in mid-June, 2018, by launching Livewell Canada Inc., a cannabinoid researcher in Quebec. Percy Street's initial public offering investors, who needed 30 cents to break even, had five months to get out of their investment with a pleasing profit, as Livewell's stock traded between 60 cents and $2. In early December, 2018, Livewell was halted pending a merger. It has now completed that merger with Vitality CBD Natural Health Products Inc. and Mercal Capital to form Eureka 93. Vitality is the one that brought to the table the U.S. hemp CBD extraction and processing business. Its facilities are in Montana and New Mexico. In 2018, it lost $16.44-million (U.S.) on revenue of $839,000 (U.S.).

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