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Shell Summary for June 3, 2020

2020-06-03 20:28 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell two points to 557.78 Wednesday. Julian Klymochko's first capital pool shell, Red River Capital Corp. (XBT: halted), plans to acquire 1739001 Alberta Ltd., operating as Bitcoin Solutions, for the shell's qualifying transaction. The shell, which has 5.5 million shares issued, will issue 80 million shares to its target's shareholders.

Bitcoin Solutions was formed in 2013 in Sherwood Park, Alta. It operates 55 automated banking machines across Canada, for buying and selling bitcoin, Bitcoin Cash, Litecoin and Ether. Of the 55 ABMs, 36 are in Alberta, and 11 are in Southern Ontario. Bitcoin Solutions also sells bitcoin on its website and at Canada Post locations. Its website enables users to pay their bills using cryptocurrencies (the process involves selling one's cryptocurrencies to Bitcoin Solutions, which in turn makes a bill payment on-line, on one's behalf, in Canadian dollars).

Bitcoin, which has traded between $5,000 (U.S.) and $12,930 (U.S.) in the past year, is worth $9,580 (U.S.) today. Bitcoin Cash is worth $252 (U.S.), Litecoin is worth $47 (U.S.) and Ether is worth $242 (U.S.). We should see Bitcoin Solutions' financials when the shell submits a QT filing statement. There is no financing requirement in connection with the QT, but the target is considering raising money at $1.07 or higher.

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