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Shell Summary for May 15, 2020

2020-05-15 20:34 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange climbed 10.75 points to 509.01 Friday, ending the week up 16.92 points. Mick Thomson's 10th capital pool shell, Panorama Capital Corp. (PANO: halted), plans to acquire a U.S. medical device company called Avisa Pharma Inc. for the shell's qualifying transaction. The shell will roll back 1 for 3, leaving it with 2,933,333 shares issued, then issue 46,865,040 shares to its target's shareholders.

Avisa was founded in Santa Fe, N.M., in 2010. It holds a licence to commercialize a diagnostic breath test that was developed by the University of New Mexico. The company is working on a device called the Avisa BreathTest, which is designed to detect pneumonia and other pulmonary infections or respiratory diseases within 10 minutes. (The company does not mention COVID-19 or any other coronavirus.) Avisa notes that existing respiratory diagnostic tests, which analyze mucous samples rather than breath samples, can take up to three days.

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