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Shell Summary for June 4, 2020

2020-06-04 20:49 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 4.63 points to 562.41 Thursday. Andre Bergeron's second capital pool shell, Woden Venture Capital Corp. (WOD: halted), has filed an information circular containing details of its qualifying transaction with Geekco Technologies Inc., a Montreal app developer. On July 27, the shell will hold a special meeting of shareholders to seek approval for the QT, which will include a rollback and a name change. Shareholders will also elect the directors of the resulting issuer. Under the QT, Woden Venture will roll back 1 for 4, leaving it with 2.3 million shares issued, then issue 28,625,000 shares to Geekco's shareholders. Before the QT can close, the shell must sell a $2-million to $3-million private placement at 40 cents. The resulting issuer will assume the name of Geekco Technologies.

Geekco was founded in 2015. It has an app called FlipNpik, which enables users to find local businesses such as restaurants and retail stores. Users may post reviews for those businesses. They may also add businesses that are not yet listed in the app. In exchange for adding stores and posting reviews, users receive rewards in the form of Flip Social points. These points may be used to access special offers from participating local stores. So far, it appears that Geekco remains in the early stages of marketing FlipNpik in Montreal.

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