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Shell Summary for April 13, 2020

2020-04-13 20:38 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange climbed 15.19 points to 437.16 Monday. John Thompson and Azim Dhalla's first capital pool shell, Foremost Ventures Corp. (FMV: halted), has filed an information circular for its shareholders meeting, which will be held on May 1. At the meeting, shareholders will vote on a rollback, vote on a name change and elect directors for its resulting issuer. For its qualifying transaction, the shell is acquiring a defence start-up in Ottawa called Kwesst Inc. The shell plans to roll back 1 for 5, leaving it with 800,000 shares issued, then issue 29,504,686 shares to Kwesst's shareholders. On closing of the QT, the resulting issuer will assume the name of Kwesst. The main update in the circular is that Foremost and Kwesst have identified the director nominees for their resulting issuer.

Kwesst was founded in 2017. It has since been working on defence products, including one called the Indirect Fire Module (IFM). This is a system of sensors that are meant to enable a soldier to conduct non-line-of-sight targeting, meaning that he can prepare to accurately fire an assault rifle or accurately throw a grenade, even while he is behind cover. The sensors, which may be attached to his rifle, scan the area and then display their data on a map on the soldier's Android device. If there are multiple soldiers on the field, each of them can view a map based on everyone's sensor data. Sensors can also be attached to drones. In 2018, Kwesst demonstrated its IFM to the U.S. Marine Corps. As of May, 2019, the company was manufacturing prototypes of the IFM.

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