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Shell Summary for April 19, 2021

2021-04-19 20:38 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 15.29 points to 929.17 Monday. John Travaglini's Platform 9 Capital Corp. (PN: halted) has provided updates on its qualifying transaction, which is the acquisition of Sol Cuisine Inc. The updates include a rollback, a financing, and the directors and insiders of the resulting issuer.

Sol Cuisine is a Mississauga company that makes vegan, kosher and halal food, including plant-based burgers and "chicken" tenders. Its products are available at 11,000 stores in Canada and the United States. (Sol has yet to release its financials.) The full terms for the shell's QT with Sol are not yet available, but the shell will roll back 1 for 16.2076, leaving it with 581,393 shares issued. In connection with Sol's going public, it has raised $12.9-million at $2.15, and it expects to raise another $2.1-million (also at $2.15) from some of its current shareholders.

On closing of the QT, the directors of the resulting issuer will be Dror Balshine, Mike Fata, Mary Dalimonte, Raj Natarajan and the shell's Mr. Travaglini. Mr. Balshine, the founder and president of Sol, will continue as the president of the resulting issuer. Before founding Sol in 1997, he spent four years as a sales representative at Hilti Corp., a maker of power tools and other construction products. He will hold at least 10 per cent of the resulting issuer's shares on closing of the QT, but the exact position is not yet known.

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