16:55:39 EDT Fri 19 Oct 2018
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Shell Summary
Symbol C : *MKTSHEL
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Shell Summary for Aug. 7, 2018

2018-08-07 20:19 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 1.19 points to close at 700.86 Tuesday. Sokhie Puar's capital pool shell, ASB Capital Inc. (ASB: halted), plans to acquire an Israeli company called Else Nutrition GH Ltd. for the shell's qualifying transaction. The shell will roll back 1 for 5, leaving it with 3,538,666 shares issued, then issue 22 million shares to its target's shareholders. ASB also plans to sell a $5.5-million private placement in connection with the QT, but the financing terms are not yet available.

All the above-mentioned shares will be Class A shares. The resulting issuer will also have Class B shares, which may be converted into Class A shares depending on the company's achievement of as-yet-unspecified milestones. If the milestones are not met, then the Class B shares will be cancelled. The number of Class B shares will be half the number of Class A shares on closing of the QT.

Else Nutrition has developed an infant formula that contains neither cow's milk nor soy. Its target customers include the parents of babies who are both lactose intolerant and allergic to soy, as well as vegan mothers who cannot breastfeed. The company has developed its formula in both powder and liquid forms, but it does not yet have the money for commercial production. Else Nutrition's formula is called INDI -- Innovative Non-Dairy Infant formula. The company notes that while there are existing formulas for lactose intolerant babies who are allergic to soy, those alternatives are usually expensive and do not taste good.

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