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Shell Summary for Aug. 29, 2019

2019-08-29 21:39 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed down 2.67 points to 581.15 Thursday. Edward Chan's long-time NEX shell, KMT-Hansa Corp. (KMC: halted), has finally found a business. It has received a licence to grow hemp in the Yunnan province in China. It boasts that this is the first such licence granted to a non-Chinese company. In connection with its Chinese hemp ambitions, KMT-Hansa has arranged deals with two companies. First, the shell is acquiring 50 per cent of the shares of QXCentury Ventures Ltd., which holds leases on 17,300 acres of farmland in Yunnan. QXCentury also holds a licence to build and operate a hemp products manufacturing facility in Guangxi, an autonomous region that is adjacent to Yunnan. Second, KMT-Hansa is acquiring 8,237 acres of farmland in Hainan, an island province south of Guangxi, from a company called HDD Investment Holdings Corp.

KMT-Hansa, which has 27,654,565 shares issued, will issue 60,367,045 shares to acquire the 50-per-cent interest in QXCentury. The control person of QXCentury is Cathy Xu, a resident of Richmond Hill, Ont. She will join the board of the resulting issuer on closing of the shell's two Chinese hemp deals. Ms. Xu previously worked with China Hewlett-Packard Co. Ltd., in positions including country manager for digital press solutions. She also worked as the director of channel management for a printing and labelling company in Beijing called Heidelberg China Ltd.

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