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Shell Summary for Nov. 22, 2019

2019-11-22 21:00 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained a fraction to close at 530.02 Friday, ending the week up 1.44 points. Tsend Tseren's first capital pool shell, Amwolf Capital Corp. (AMW: halted), plans to acquire Pontus Water Lentils Ltd. for the shell's qualifying transaction. The shell, which has 5.5 million shares issued, will issue 26,666,667 shares to its target's shareholders.

Pontus was founded last year. It is not yet operating. It is billing itself as an agri-tech company, specifically one that will focus on growing water lentils (a kind of aquatic plant that is also called duckweed). Ultimately, the company's goal is to manufacture plant-based protein powder from water lentils. Pontus will call its product Pure Plant Protein Powder or Pontus P4.

Pontus's promotional efforts are an obvious appeal to health-conscious and environmentally conscious types. The company points out that hydroponic farming, that is, growing plants in water, is "environmentally sustainable," because it uses less water than growing plants in soil. It adds that its process will involve "low energy consumption" and a "smaller carbon footprint." Pontus also claims that its product, once ready, will be "high in antioxidants and dietary fibre," "non-GMO" (genetically modified organism), "vegan," "gluten free," and "always certified organic."

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