13:43:45 EDT Tue 27 Oct 2020
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Shell Summary for April 15, 2020

2020-04-15 20:06 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The TSX Venture Exchange lost 2.54 points to 442.71 Wednesday. John-David Belfontaine and Michael Racic's first capital pool shell, Conscience Capital Inc. (DGTL: halted), has two brief updates on its qualifying transaction with Hashoff LLC, a U.S. advertising technology firm. First, Hashoff has closed a $1.32-million private placement at 35 cents. Completing this financing is a condition for closing the QT. Second, the shell has received an independent valuation report from a Vancouver firm called Evans & Evans Inc., which estimates the value of Hashoff at $6.6-million to $7.1-million. Conscience Capital, which has 22,063,000 shares issued, will issue 8,270,241 shares and pay $500,000 (U.S.) to Hashoff's unitholders to close the QT. Then, over the next 30 months, the resulting issuer will pay $1.5-million (U.S.) in stages to those unitholders.

Hashoff offers a software platform that enables advertisers to hire social media "influencers" (people whose social media accounts have hundreds of thousands of followers) to name-drop their brands or give flattering reviews of their products. So far, this business is not profitable for Hashoff. In the first nine months of 2019, it lost $564,300 (U.S.) on revenue of $1.42-million (U.S.). It ended that period with a working capital deficit of $1.5-million (U.S.). The money that it has raised in its private placement is not enough to cover that deficit. (It had hoped to raise up to $4-million in the private placement, but the $1.32-million that it raised meets the bare minimum that it was required to bring in.)

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.