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by Stockwatch Business Reporter
The TSX Venture Exchange lost 2.04 points to 698.82 Wednesday. Two capital pool shells have signed definitive agreements for their respective qualifying transactions. First, Bill Ye's Hope Well Capital Corp. (HOPE: halted) has firmed up its QT with Payfare Inc., a mobile payments company. Then there is David Mitchell's MJ Opportunity Corp. (MJC: halted), which is acquiring Lift Co. Ltd., a marijuana conference organizer and marijuana website operator.
Mr. Ye's Hope Well Capital is acquiring Payfare. The shell will roll back 1 for 1.58, leaving it with 4,888,890 shares issued, then issue 122,801,807 shares to its target's shareholders and convertible debt holders. Payfare has an app that enables users to receive money and then spend it. The app (which is also called Payfare) is integrated with Uber, and all of Payfare's users right now are Uber drivers. Uber pays its drivers once a week, but drivers who use the Payfare app can cash out their Uber earnings up to five times a day. It will cost them $1.50 each time they cash out their earnings and 50 cents each time they spend them.
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