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Shell Summary for July 6, 2020

2020-07-06 20:34 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange rose 11.97 points to 644.99 Monday. John Travaglini's second capital pool shell, Platform 9 Capital Corp. (PN: halted), has provided an update on its qualifying transaction, which is a U.S. hotel investment deal. Chief among the updates is that the QT is still on, despite what the shell describes as a "significant disruption" in the hotel industry as a result of the COVID-19 pandemic. The shell expects to upgrade its QT letter of intent into a definitive agreement by Aug. 31. In the meantime, the QT terms are still not available.

Platform 9 Capital plans to acquire CGI Hospitality Opportunity Fund (Canada) LP, a newly created fund. (This fund did not yet exist when the shell first announced its QT plan in December. There were fewer details given about the QT at the time.) CGI Hospitality is working to acquire its first investment, an interest in a hotel called The Gabriel in downtown Miami. This hotel property includes a restaurant called Cvltvra, as well as two billboards. The restaurant and the hotel are currently closed indefinitely because of COVID-19.

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