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Shell Summary for Jan. 22, 2020

2020-01-22 20:43 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 2.90 points to close at 585.36 Wednesday. Jeremy Edelman's first capital pool shell, Hampton Bay Capital Inc. (HPB: halted), has released the terms of its qualifying transaction, which is the acquisition of a small-business lender in Toronto called Lendified Holdings Inc. The shell first announced this potential QT in late December. Now, under its arrangement with Lendified, the shell will roll back 1 for 1.88, leaving it with 8,414,627 shares issued, then issue 87,587,632 to its target's shareholders.

Lendified offers loans ranging from $5,000 to $150,000 to small businesses that are incorporated in Canada. Interest rates typically range from 8.99 to 18.99 per cent, a strong indication that it takes on applicants the banks would turn away. Loan terms are two years or less. Lendified boasts that a borrower can complete an on-line application for a loan within 10 minutes, after which its website will display a free quote. Once the borrower accepts the loan terms, Lendified can transfer the money to the borrower's bank account in at least 48 hours. Lendified lends money to small businesses that have been operating for at least six months, with at least $100,000 in annualized revenue. It estimates that it has provided $80-million worth of loans since it began operating in 2015.

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