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by Stockwatch Business Reporter
The TSX Venture Exchange
gained 1.72 points to close at 536.32 Tuesday.
Chris Schnarr's second capital pool shell, Mithrandir Capital Corp. (GMER: halted), plans to acquire a mobile game developer called
PopReach Inc. for the shell's qualifying transaction. The shell will roll back 1 for 8, leaving it with 3.75 million shares issued, then issue 37,041,292 shares to its target's shareholders.
PopReach was formed in May, 2015. It creates and acquires games, mostly for cellphones and tablets, but some of its games can also be played on desktop computers. The games are free to play, but players can make in-game purchases (we discuss a few examples of these purchases below). The games also have ads in them, so this is another source of revenue for PopReach. The company has 150 employees in Toronto and Bangalore. Its portfolio includes more than two dozen games. Among them are Kitchen Scramble and Smurfs' Village.
Kitchen Scramble is a cooking game in which the player takes on the role of a travelling chef. This game came out in 2013. It now has nearly 857,000 "likes" on Facebook. It has been downloaded more than 10 million times on Google Play, where it has received a rating of 4.1 out of 5 from 325,380 reviewers. On the Apple App Store, which does not show the number of downloads, the game has received a rating of 3.1 out of 5 from 856 reviewers. On Amazon, it has received a rating of 3.1 out of 5 from 1,162 reviewers. According to the Apple App Store, Kitchen Scramble players can pay $4.99 (U.S.) to purchase a "pinch of coins," which can be used as tokens or credits within the game. Players can pay $9.99 (U.S.) for a "tablespoon of coins," and the prices go up to $99.99 (U.S.) for a "truckload of coins."
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