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by Stockwatch Business Reporter
The TSX Venture Exchange gained 6.81 points to 666.17 Tuesday.
Fahim Gadallah's first capital pool shell, Timeless Capital Corp. (TLC: halted), which listed just last week, has quickly gone about its business and has now announced a potential qualifying transaction. It plans to acquire a real estate company in Edmonton called OpTown Properties Ltd. The acquisition terms are not yet fully available, but Timeless Capital will roll back 1 for 10, leaving it with 700,000 shares issued. As well, before the deal can close, OpTown Properties must sell a $15-million private placement at $2.
OpTown, a recently formed company, will be offering properties, mostly residential properties, on a rent-to-own basis. This means that a renter will have the option to eventually buy the property that he is renting. The main benefit of this arrangement is that a buyer does not need to make a down payment right away but instead can save up for it while already living on the property as a renter. OpTown will be offering units in three buildings (that are not yet built) in the Century Park area in Edmonton.
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