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Shell Summary for Feb. 18, 2020

2020-02-18 20:41 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 6.57 points to 577.06 Tuesday. Michael Frank's capital pool shell, Cluny Capital Corp. (CLN: halted), has signed a definitive agreement for its qualifying transaction, which is the acquisition of Xebra Brands Ltd., an aspiring maker of cannabis drinks. The shell has released the QT terms: It will roll back 1 for 2, leaving it with 5,087,683 shares issued, then issue 99,982,878 shares to its target's shareholders.

Xebra was formed in February, 2019. Its products under development include soft drinks called MadCap, iced teas called HolaHi and lemonades called Vicious Citrus. Each of these will have THC (tetrahydrocannabinol) and CBD (cannabidiol) variants. The company is also working on a CBD sports drink called Conquer, as well as THC energy drinks called HighJack. It aims to begin selling these drinks in the United States in the fourth quarter and then in Canada in the first quarter of next year.

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