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by Stockwatch Business Reporter
The TSX Venture Exchange climbed 13.14 points to 664.80 Wednesday. Shell graduate Popreach Corp. (POPR: $0.88) began trading today. It reached an intraday high of $1 before closing at 88 cents on 294,200 shares. Popreach is a Toronto firm that acquires and operates mobile games (for cellphones and tablets). Its 12 games are played by 1.2 million users a month. Popreach is not profitable. We discussed it in more detail in the Shell Summary for June 29, 2020.
Popreach went public through Chris Schnarr's second capital pool shell, Mithrandir Capital Corp. Mr. Schnarr, 53, remains on the board of Popreach. He is also a director of a medical software developer called Vitalhub Corp. (VHI: $1.51) and is a senior vice-president at Canopy Growth Corp. (WEED: $22.06). He listed his first shell, Lorian Capital Corp., in 2007 with an $800,000 initial public offering at 10 cents. That same year, Lorian closed a medical software deal for its qualifying transaction. We consider Lorian to have been a failure for its IPO investors, because they did not have sufficient opportunity to get out of their investment with a profit after the shell closed its QT. Mr. Schnarr listed his second shell, Mithrandir, in October, 2019, with a $2-million IPO at 10 cents. In connection with the launch of Popreach, Mithrandir rolled back 1 for 8, so its IPO investors need 80 cents to break even. If they will have sufficient opportunity over the next 12 months to get out of their investment with a profit, we will consider Mr. Schnarr's second shell to have been a success for them.
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