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Shell Summary for July 13, 2020

2020-07-13 20:33 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange dropped 18.22 points to 666.49 Monday. Zach Stadnyk's first capital pool shell, DC Acquisition Corp. (DCA: halted), has firmed up its qualifying transaction, which is the acquisition of a Western Canadian marijuana retailer called Kiaro Brands Inc. The shell and its target have signed a definitive agreement, replacing their letter of intent. Under the definitive deal, there are new QT terms, including a rollback. DC Acquisition will roll back 1 for 1.7143, leaving it with 20,416,666 shares issued, then issue 107,993,707 shares to Kiaro's shareholders. As well as providing the revised QT terms, the shell and its target have identified the director nominees for their resulting issuer. They have also released partial financial results for Kiaro (no profit or loss).

Kiaro opened its first store in January, 2019, in Saskatoon and then its second store in May, 2019, in La Ronge, Sask. It opened its next two stores in August, 2019, in Vancouver and then in January, 2020, in Victoria. In the 13 months ended Jan. 31, 2020, Kiaro generated revenue of $5.17-million. It does not provide profit or loss information, but this should become available when the shell submits its QT filing statement. In March, 2020, Kiaro opened its fifth store, in Port Moody, B.C. On Canada Day two weeks ago, it opened its sixth store, which is in Vancouver again. It plans to open its seventh store next month in Nanaimo. The company also sells its products on-line.

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