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Shell Summary for Feb. 26, 2020

2020-02-26 20:18 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 1.66 points to close at 545.60 Wednesday. Craig Rollins's first capital pool shell, Drummond Ventures Corp. (DVX: halted), has submitted a filing statement and has received conditional TSX-V approval for its qualifying transaction. (A QT filing statement contains useful information such as the QT target's financials, the names of director nominees for the resulting issuer, their share positions and their salaries.) Drummond Ventures is acquiring Sun Machine Entertainment Inc., a video game developer in Vancouver. The shell, which has 5,125,000 shares issued, will issue 31,298,090 shares to its target's shareholders and convertible debenture holders.

Sun Machine was formed in 2018. It has 12 full-time and eight part-time employees. It is working on its first game, which is initially being designed for cellphones and tablets, rather than for gaming consoles (such as PlayStation, Xbox and Nintendo) or for computers. The game is called Go Big. All that Sun Machine has said about this game so far is that it is a "casual multiplayer action game." Like most games on mobile devices, Go Big will be free to play, but players will have the option to pay for things that they can use in the game, for instance, in-game credits. Sun Machine plans to release Go Big for beta testing purposes in Canada between March and May. It will then release the game for beta testing purposes in Australia between June and August. Specifically, the company will be testing user engagement. It expects to launch Go Big commercially worldwide between September and November, at which time it will also begin developing a version of the game for consoles and computers. Between December, 2020, and February, 2021, Sun Machine will start working on its second game. For all these efforts, the company expects to spend a very modest $2.49-million.

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