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Shell Summary for March 24, 2020

2020-03-24 21:07 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up an encouraging 29.56 points to 380.75 Tuesday. Michael Galloro's NEX shell, Goldstream Minerals Inc. (GSX: halted), has provided updates on its U.S. marijuana deal, that is, its acquisition of CannCure Investments Inc. The main update is a new rollback ratio for the shell: Goldstream will roll back 1 for 16.07201 (previously 1 for 23.3053), leaving it with 1,503,759 shares issued, then issue about 70.59 million shares to CannCure's shareholders. Of those 70.59 million shares, about 33.7 million will go to CannCure's largest shareholder, SOL Global Investments Corp. (SOL: $0.30).

Goldstream's other updates involve changes in the director nominees for its resulting issuer. The shell will hold a meeting of shareholders on April 9 to elect directors for the resulting issuer. It will also seek shareholder approval for the aforementioned rollback, for a name change to Bluma Wellness Inc. and for the shell's delisting from the NEX. The shell and SOL Global Investments plan to launch CannCure as Bluma Wellness on the Canadian Securities Exchange. Goldstream has filed an information circular for the April 9 meeting and expects to close the acquisition in late April.

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