23:10:09 EDT Sat 17 Aug 2019
Enter Symbol
or Name

Login ID:
Shell Summary
Symbol C : *MKTSHEL
Recent Sedar Documents

Shell Summary for Jan. 3, 2019

2019-01-03 20:44 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The TSX Venture Exchange closed up 7.49 points to 578.49 Thursday. Toby Pierce's fourth capital pool shell, Foreshore Exploration Partners Corp. (FORE: halted), has filed a prospectus for its qualifying transaction, which is the acquisition of Posabit Inc., a payment processing company in Seattle. The shell, which has 3.2 million shares issued, will issue 68,699,727 shares to its target's shareholders and creditor (one holder of a $50,000 (U.S.) note will receive 549,804 shares).

Posabit offers its point-of-sale system to the usual restaurants and retailers, as well as food trucks and festival organizers. Its main customers, however, are marijuana dispensaries. Posabit's goal is to solve the dilemma in which U.S. consumers are unable to use their debit or credit cards to buy marijuana, since marijuana remains an illegal substance under U.S. federal law. Posabit's point-of-sale system enables consumers to use their debit or credit cards to buy cryptocurrencies (specifically bitcoins or litecoins) and then use those cryptocurrencies to buy marijuana. It is unclear how many consumers and dispensaries find this process simpler or cheaper than just using cash. Posabit charges consumers a "convenience fee" ranging from $2 (U.S.) to $4.50 (U.S.) per transaction. It also charges merchants a fee ranging from 1.5 per cent to 5 per cent per transaction. The merchant must also pay a separate "swipe fee" of 25 U.S. cents to 35 U.S. cents per transaction. Yet another expense for merchants is the one-time hardware and installation fee, and there is also the monthly subscription fee ranging from $29 (U.S.) to $250 (U.S.) based on the volume of transactions.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2019 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.