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by Stockwatch Business Reporter
The TSX Venture Exchange gained 4.66 points to 782.37 Thursday.
Donald Wright, Avi Grewal and John O'Sullivan have filed a preliminary prospectus to list their second capital pool shell, Cinaport Acquisition Corp. II. They plan to sell a $300,000 initial public offering at 10 cents through Echelon Wealth Partners Inc.
The directors and officers of Cinaport II are the same seven men who were behind Cinaport Acquisition Corp. This original Cinaport capital pool shell listed in October, 2011, with a $226,000 IPO at 10 cents. In October, 2014, the shell rolled back 1 for 14.5625 and launched Mettrum Health Corp., a licensed producer of marijuana. Considering the rollback, the shell's IPO shareholders needed about $1.46 to break even. For nearly two years, Mettrum traded between $1.11 and $2.69, giving the shell's IPO investors an adequate opportunity to get out of their investment with a profit. We say adequate, because at the time, marijuana stocks were not trading as actively as they do now. Mettrum typically traded fewer than 100,000 shares a day. Eventually, however, the stock made its way up to $8.30, thanks to the announcement of an all-share acquisition by Canopy Growth Corp. (WEED: $27.67) that valued Mettrum at $8.42 a share. The acquisition closed in February, 2017. Since then, Canopy has climbed to a high of $44. (That was three months ago.)
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