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by Stockwatch Business Reporter
The TSX Venture Exchange fell 10.90 points to 558.68 Monday, ending the month down 30.68 points. Craig Rollins's first capital pool shell, Drummond Ventures Corp. (DVX: halted), plans to acquire Sun Machine Entertainment Inc. for the shell's qualifying transaction. The shell, which has 5,125,000 shares issued, will issue 28,571,429 shares to its target's shareholders.
Sun Machine Entertainment, also called Sun Machine Games, is a video game developer in Vancouver. It was formed in October, 2018. It aims to release its first video game in 2020. As a condition for closing the QT, Sun Machine and Drummond Ventures together must raise $3-million. Financing terms for the entire $3-million are not yet available, but for a portion of it, Drummond and Sun Machine have arranged a $425,000 private placement of notes. In the meantime, the shell has agreed to lend $225,000 to its target. Sun Machine will use the proceeds (from the loan as well as the private placement) for working capital and transaction costs.
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