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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 2.71 points to 963.96 Tuesday. David Smalley and Larry Doan's Ponderous Panda Capital Corp. (PPCC: suspended) and its qualifying transaction target, Wildpack Beverage Alberta Inc. (formerly Wild Leaf Ventures Group Inc.), have identified the director nominees for their resulting issuer. Under its QT, the shell will roll back 1 for 2.578, leaving it with 1,188,908 shares issued, then issue 56,110,607 shares to Wildpack's shareholders.
Wildpack is a beverage packaging company with facilities in California and Maryland. It focuses on canned drinks, including alcoholic ones. It also provides design services for the cans. Wildpack, which began generating revenue last year, is building its third packaging facility in Nevada. In connection with its going public, it is raising $10-million in a brokered private placement at 90 cents. The lead agent is Stifel Nicolaus Canada Inc.
On closing of the QT, the directors of the resulting issuer will be Stephen Fader, Mitchell Barnard, Jeffrey Mason, Paul Mann, Joseph Bubel, Matthew Dwyer and Sean Clark. Mr. Fader and Mr. Barnard are the founders of Wildpack and will be the co-chief executive officers of the resulting issuer. Mr. Fader lives in Calgary and is a paramedic by training. From 2015 to 2017, he owned and managed Natural Health Services Ltd., an operator of medical marijuana clinics. He sold the company in 2017 to Sunniva Inc. (SNN: suspended) for $1.5-million cash, 5.58 million shares and $2.25-million worth of notes. The following year, Sunniva sold Natural Health Services to Cura-Can Health Corp. for $250,000 cash and seven million shares in the private Cura-Can. Sunniva is now under creditor protection, but Natural Health Services continues to operate seven clinics. As for Mr. Fader, he moved on from Natural Health Services to form two new companies, Wildpack and The House Finance Corp. House Finance is a lending business focusing on motorcycles and recreational vehicles. Mr. Fader is Wildpack's largest shareholder, with nearly 4.8 million shares or 31.2 per cent.
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