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Shell Summary for May 13, 2020

2020-05-13 20:26 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 7.30 points to 493.41 Wednesday. Zach Stadnyk's first capital pool shell, DC Acquisition Corp. (DCA: halted), plans to acquire a Western Canadian marijuana retailer called Kiaro Brands Inc. for the shell's qualifying transaction. The shell, which has 35 million shares issued, will issue 247,619,048 shares to its target's shareholders. DC Acquisition has also agreed to lend $225,000 to its target.

Kiaro opened its first store in January, 2019, in Saskatoon. That was followed by a store in La Ronge, Sask. The company has since opened three more stores, one in each of Vancouver, Victoria and Port Moody, B.C. It is working toward opening its sixth store, which will be in Vancouver again. Kiaro hopes to expand across Canada within the next year. In the meantime, besides physical sales at its five stores, Kiaro's products are available for on-line purchase and home delivery in Saskatchewan. We should find out whether the company is profitable when the shell submits a QT filing statement.

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