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by Stockwatch Business Reporter
The TSX Venture Exchange fell a fraction to 783.66 Wednesday. Earlston Investments Corp.'s halted NEX shell, Marchwell Ventures Ltd. (MVE), plans to acquire an aspiring marijuana producer called Sante Veritas Therapeutics Inc. The shell will roll back 1 for 3, leaving it with 7,812,811 shares issued, then unleash a flood of about 248.9 million shares to its target's shareholders. Sante Veritas is building its marijuana cultivation facility in Powell River, B.C., on the site of a former paper mill. It hopes to receive its cultivation licence in February.
On closing of the acquisition, all shell directors will resign. The resulting issuer's board will comprise five directors, of whom three have been identified: Michael Orr, John Walker and Scott McKinley. Mr. Orr will be the executive chairman and the only shareholder with more than 10 per cent of shares on closing. (He does not yet specify how many.) He was a broker in the early 1990s with First Marathon Securities Ltd. The next director nominee, Mr. Walker, will be the chief executive officer of the resulting issuer. From 1997 to 2014, he worked at Yum! Brands Inc. (YUM: $83.24 (U.S.)), the operator of Taco Bell, Pizza Hut and KFC. Mr. Walker held roles at Yum! including vice-president of human resources for Canada, HR chief for Latin America and HR chief for Europe. Before working for Yum! directly, Mr. Walker was an HR director at Taco Bell for a year and at Pizza Hut for four years. The third director nominee, Mr. McKinley, is a professor and researcher, mostly focusing on aquaculture, with the University of British Columbia.
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