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Shell Summary for March 4, 2020

2020-03-04 20:57 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 8.59 points to close at 525.74 Wednesday. Balraj Mann's second capital pool shell, Fitch Street Capital Corp. (FSC: halted), has submitted a filing statement for its qualifying transaction. The shell is acquiring an oil extraction equipment manufacturer, Pure Extraction Ltd., as well as a non-operating related entity called Pure Extraction Inc. There is just one target business, which we will refer to as Pure Extraction. The shell, which has 16,755,785 shares issued, will issue a total of three million shares to acquire the two related entities.

Pure Extraction manufactures and sells oil extraction equipment, and not the type used in the oil patch. The most promotable applications are marijuana oil and hemp oil, but the company also mentions vanilla extracts and tobacco extracts (for e-cigarettes). Pure Extraction's machines have capacities ranging from three litres to 120 litres. The company operates in a 1,400-square-foot manufacturing facility in Vancouver. There, it can produce up to five extraction machines a month. Part of the reason it wants to go public is to raise money for moving to a bigger facility, thereby increasing its production capacity.

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