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Shell Summary for Sept. 9, 2019

2019-09-09 20:50 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed down 4.80 points to 583.71 Monday. William Kanters's first capital pool shell, High Mountain Capital Corp. (BUZD: halted), has submitted a filing statement for its qualifying transaction and expects to close the QT this week. The shell is acquiring Facedrive Inc., a Toronto company with a ride-sharing app. High Mountain Capital will roll back 1 for 50, leaving it with 114,105 shares issued, then issue 8,477,802 shares to its target's shareholders.

Facedrive was formed in 2016. It launched its app last year, and now it operates in Toronto, Mississauga, Hamilton and London, Ont. In its efforts to compete with the more popular ride-sharing apps such as Uber and Lyft, Facedrive is promoting itself as an environmentally friendly business. It gives each commuter the option to book a ride on an electric, hybrid or gasoline-powered car. If a passenger chooses a hybrid or gasoline-powered car, Facedrive's app calculates the cost of offsetting the carbon emissions from his trip. Facedrive will then take a portion of his fare and use it to pay for tree planting or other environmental sustainability activities (for example, "forestry education"). In the full year 2018, Facedrive lost $1.93-million on revenue of $58,541. In the first quarter of 2019, it lost $828,552 on revenue of $171,400.

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