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by Stockwatch Business Reporter
The TSX Venture Exchange fell 3.50 points to 783.94 Tuesday. Geoff Balderson's fifth capital pool shell, the halted
Aim Explorations Ltd. (AXN), has provided a financing update in connection with its qualifying transaction, which is the acquisition of DMG Blockchain Solutions Inc. For its QT, the shell, which has 7,928,000 shares issued, will issue 28.5 million shares to DMG Blockchain's shareholders. In the financing, Aim Explorations is raising between $10-million and $25-million by private placement of shares at 80 cents. Previously, the shell was going to sell a $4.2-million private placement at 35 cents, and before that, it was going to sell a $3-million private placement at 30 cents. Apparently, however, the shell has been drawing much interest from investors, thanks to all the buzz and fuss about blockchain technology and cryptocurrencies (for example, bitcoin, of which one is worth $11,876 (U.S.)). Yesterday, Aim announced the participation of an investor, Brad Nullmeyer's Element Fleet Management Corp. (EFN: $9.28), a Toronto-based manager of commercial vehicle and equipment fleets. Element Fleet will subscribe for shares such that it will hold 9.9 per cent of the resulting issuer on closing of the QT. According to Element, it also plans to work with DMG Blockchain to develop a blockchain-based software for fleet management.
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