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by Stockwatch Business Reporter
The TSX Venture Exchange rallied 23.03 points to 931.38 Friday but still ended the week down 23.60 points.
David Smalley and Larry Doan's Ponderous Panda Capital Corp. (PPCC: suspended) has submitted a filing statement for its qualifying transaction and expects to close the QT any day now. It is acquiring Wildpack Beverage Alberta Inc. The shell will roll back 1 for 2.578, leaving it with 1,188,908 shares issued, then issue 65,643,294 shares to its target's shareholders. These shareholders include the subscribers to an $8.58-million private placement at 90 cents, which Wildpack recently closed.
Wildpack provides aluminum can packaging services, specifically printing and filling. It operates two facilities, one in Sacramento and the other in Baltimore, and has 200 employees. It aims to begin operating a third facility, in Las Vegas, this quarter. Alcoholic drinks make up more than two-thirds of Wildpack's output.
In 2019, the Sacramento and Baltimore facilities lost $490,400 (U.S.) on revenue of $7.4-million (U.S.). In the first half of 2020, they lost $162,700 (U.S.) on revenue of $4-million (U.S.). Wildpack then came along and acquired the facilities from Lucky Clover Packaging LLC. They have since lost $3.5-million (U.S.) on revenue of $8.2-million (U.S.). At the end of 2020, Wildpack had a working capital deficit of $3-million (U.S.) and $1.6-million (U.S.) worth of long-term debt.
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