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Shell Summary for June 29, 2020

2020-06-29 20:33 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange climbed 9.51 points to 608.25 Monday. Chris Schnarr's second capital pool shell, Mithrandir Capital Corp. (GMER: halted), has submitted a filing statement for its qualifying transaction, which is the acquisition of a mobile gaming firm called PopReach Inc. The shell will roll back 1 for 8, leaving it with 3.75 million shares issued, then issue 48,233,975 shares to its target's shareholders and convertible debenture holders.

PopReach was formed in 2015 in Toronto. It began as a maker of games for cellphones, tablets and desktop computers. Its games are free to play, but players can pay for things like extra credits that can be used in the games. In 2018, PopReach lost $1.52-million (U.S.) on revenue of $1.44-million (U.S.). That same year, it decided to change its strategy. It no longer makes its own games. Instead, its plan is to acquire and operate games. In December, 2018, it acquired 22 games from RockYou Inc., a mobile game developer in Bangalore, India. PopReach paid $9.6-million (U.S.) plus a 6.5-per-cent share of the revenue generated by those 22 games in 2019. So far, the change in strategy has helped boost PopReach's revenue, though it remains unprofitable. In 2019, the company lost $4.42-million (U.S.) on revenue of $17.95-million (U.S.).

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