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by Stockwatch Business Reporter
The TSX Venture Exchange closed up a fraction to 558.76 Friday, but it ended the week down 10.82 points. Casper Bych's eight-year-old capital pool shell, Zidane Capital Corp. (ZZE: $0.02), has provided an update on its civil claim against its former qualifying transaction target, Trevor Folk's HydRx Farms Ltd. As well, Zidane's stock has resumed trading after seven years. There was one trade today at two cents for 4,000 shares.
Zidane first announced its QT plan with HydRx in December, 2015. At the time, HydRx did not yet hold a medical marijuana production licence, but it already owned a 45,000-square-foot production facility in Whitby, Ont. HydRx's receipt of a production licence was a condition for closing its going-public deal with Zidane.
The deal between HydRx and Zidane was a three-way merger. The third company in the deal was Gary Floyd's Precursor Capital Corp., which had previously helped HydRx sell a $1-million private placement of debentures. Mr. Floyd is a lawyer and a former director of the shell. He remains the largest shareholder of the shell with 468,450 shares or 19.2 per cent. The shell's CEO, Mr. Bych, is the second-largest shareholder with 250,000 shares or 10.2 per cent. He co-owns Precursor. He is also a lawyer.
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