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Shell Summary for Nov. 20, 2020

2020-11-20 19:20 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 11.01 points to 740.45 Friday, ending the week up 4.08 points. Alan Gertner's capital pool shell, LL One Inc. (LLO: halted), has released the terms of its qualifying transaction, which is the acquisition of a newly formed boat maker, The Limestone Boat Company Inc. (LBC). The shell, which has 12.2 million shares issued, will issue 78,038,600 shares to its target's shareholders. The shell and its target have also identified the director nominees for their resulting issuer.

LBC acquired, three months ago, the manufacturing and branding rights for the 35-year-old Limestone brand of boats. The creator of the brand is Mark Ellis, 75, a Canadian-American yacht designer. His Limestone boats have been sold mostly in the Canadian and U.S. Great Lakes areas, as well as New England. In connection with its going public, LBC is raising $2-million to $4-million at $8. In the meantime, the shell has agreed to lend it $200,000 to cover transaction costs. LBC has begun manufacturing seven models of Limestone boats in a 145,000-square-foot facility in Tennessee. It expects to add two models to its lineup in the spring.

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