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Shell Summary for May 10, 2021

2021-05-10 20:51 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 14.64 points to 940.34 Monday. Mohammad (Mo) Fazil plans to list his fourth shell, Florence One Capital Inc., with a $500,000 to $1.5-million initial public offering at 10 cents. The agent is Florence Wealth Management Inc., a Toronto exempt market dealer, formed in 2019.

Mr. Fazil, 58, lives in Calgary and was a broker from 1994 to 2013. He worked at Global Securities Corp. (10 years), followed by Mackie Research Capital Corp. (six years), Union Securities Ltd. (two years) and then PI Financial Corp. (10 months). In 2014, he founded Scythian Biosciences Inc., which attempted to develop marijuana-based drugs for treating concussions. He took it public in 2017 by merging it with a TSX-V mining junior. The stock traded up to $34.45 in January, 2018, and then split 4 for 1 three months later. In October, 2018, with the stock at $3.17, Scythian remade itself into an investment issuer, SOL Global Investments Corp. (SOL: $3.85), now trading on the Canadian Securities Exchange.

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