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by Stockwatch Business Reporter
The TSX Venture Exchange lost 6.59 points to 762.43 Tuesday. David Tonken's first capital pool shell, Snow Eagle Resources Ltd., has completed its qualifying transaction by acquiring CannaTest Photonics Ltd. The shell rolled back 1 for 4.5, leaving it with 1,488,888 shares issued, then it issued 48,162,638 shares to its target's shareholders. Among those shareholders were the subscribers to CannaTest's $9.16-million private placement at 45 cents earlier this year. Snow Eagle's resulting issuer began trading today as Flurotech Ltd. (TEST). It opened at 50 cents and closed at 44.5 cents on 178,500 shares.
Flurotech is a Calgary company that is working on its line of CompleTest products. This product line will include portable, desktop and roadside testing devices for marijuana. The devices will test marijuana samples for the presence of heavy metals, for the presence of pesticides and chemicals, or for THC and CBD potency. THC (tetrahydrocannabinol) and CBD (cannabidiol) are the main compounds in marijuana. THC is the psychoactive one, and CBD is the medicinal one. Flurotech says its devices will perform and complete tests within minutes rather than the typical hours for marijuana labs. It also says it aims to begin selling portable and desktop versions of its heavy metal and potency testing devices this summer to licensed marijuana producers.
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