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Shell Summary for Sept. 15, 2020

2020-09-15 20:44 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained a fraction to close at 741.91 Tuesday. Julian Klymochko's first capital pool shell, Red River Capital Corp. (XBT: halted), has provided an update on its qualifying transaction, which is a cryptocurrency deal. The shell is acquiring 1739001 Alberta Ltd., operating as Bitcoin Solutions. Red River Capital, which has 5.5 million shares issued, will issue 120.25 million shares (previously 80 million) to its target's shareholders. Aside from the revised QT terms, the shell's update includes Bitcoin Solutions' financials and the names of the director nominees for the resulting issuer.

Bitcoin Solutions was formed in 2013 in Sherwood Park, Alta. It operates 65 automated banking machines across Canada, for buying and selling bitcoin, Bitcoin Cash, Litecoin and Ether. The 65 ABMs include 39 in Alberta, 13 in Ontario and eight in British Columbia. The company also buys and sells cryptocurrencies on its website and at Canada Post locations. Bitcoin Solutions' website enables users to pay bills using cryptocurrencies. The process involves selling your cryptocurrencies to the company, which then makes a bill payment on-line, on your behalf, in Canadian dollars. The website also enables merchants to receive bitcoins as payment. The merchants may choose to hold on to the bitcoins or sell them immediately to Bitcoin Solutions. In 2019, the company earned $117,400 on revenue of $14.53-million. In the first half of 2020, however, it lost $145,500 on revenue of $14.48-million.

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