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Shell Summary for June 16, 2020

2020-06-16 21:02 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 2.64 points to 562.46 Tuesday. Balraj Mann's second capital pool shell, Fitch Street Capital Corp., has closed its qualifying transaction, which was the acquisition of a cannabis oil extraction equipment manufacturer. The resulting issuer, Pure Extraction Corp. (PURX), listed today but did not trade. In connection with the QT, the shell sold a $2.43-million private placement at 13.5 cents.

Pure Extraction is a Vancouver company that makes and sells equipment for extracting marijuana oil and hemp oil. As of September, 2019, the company was not profitable. We discussed this QT in more detail in the Shell Summary for March 4, 2020.

Shell-maker Mr. Mann, 65, continues as the chairman and chief executive officer of Pure Extraction. He is an engineer and accountant in Vancouver. Since 1993, he has been the president of Penmat Contracting & Project Management Ltd., which according to its website has built seven townhouse projects in Surrey, B.C., in the last 25 years. It is now building two more.

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