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Shell Summary for Oct. 7, 2019

2019-10-07 21:39 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 2.69 points to close at 556.07 Monday. Dr. Len Brownlie's first capital pool shell, Discovery One Investment Corp. (DOIT: halted), plans to acquire Current Power & Gas Inc. for the shell's qualifying transaction. The shell, which has 20,064,350 shares issued, will issue 66.72 million shares to its target's shareholders.

Current Power was formed in 2014 in Texas, but it operates in Ohio. It provides electricity, natural gas, and wind and solar power to commercial and industrial customers. It is not yet profitable. At the end of 2018, it had a working capital deficit of $343,527 (U.S.). It does not expect profits (after tax) in 2019 or 2020. Nevertheless, the company plans to expand its business. It has applied to operate, starting next year, in Texas, Illinois, Pennsylvania, New York and New Jersey. In connection with its going public, Current Power must raise money by private placement to finance its infrastructure expansion. Details of the financing are not yet available.

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