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Shell Summary for Aug. 21, 2019

2019-08-21 20:43 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange slipped a fraction to 575.90 Wednesday. Gunther Roehlig's capital pool shell, Yuntone Capital Corp. (YTC: suspended), plans to acquire GrowX Global Corp. for the shell's qualifying transaction. The shell will roll back 1 for 2, leaving it with 8,178,534 shares issued, then issue 59,583,121 shares to its target's shareholders.

GrowX was formed in February, 2018. It owns land near Mission, B.C., where it began planting hemp across 18 acres in May, 2019. It expects to harvest the hemp crop next month. The company is also building a 6,700-square-foot marijuana cultivation facility on its property. It hopes to complete construction this year. GrowX does not yet have a marijuana cultivation licence (a cultivation facility must undergo inspection by Health Canada before a cultivation licence can be granted). Before the QT can close, GrowX must finish building its marijuana facility.

To finance construction, GrowX is raising $5-million by private placement of a three-year, 9-per-cent note. The principal amount of the note will be convertible into shares at 35 cents. GrowX plans to later expand its marijuana facility, specifically by 25,000 square feet in 2020 and then by 100,000 square feet in 2021. Its website talks up other ambitions, including becoming a cannabis consulting firm as well as an exporter of hemp products, dried marijuana buds and cannabis oils.

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