Nuuvera happening today in TO by Stockwatch Business Reporter
The TSX Venture Exchange lost 1.60 points to 791.36 Monday. Ron Schmeichel's 19th capital pool shell, Mira IX Acquisition Corp. (MIA: suspended), will hold a special meeting of shareholders on Thursday in Toronto. Its shareholders will vote on the details of its qualifying transaction, including a rollback, a name change and the election of directors of the resulting issuer. For the shell's QT, it is acquiring Mr. Schmeichel's marijuana promotion called Nuuvera Corp. The shell will roll back 1 for 16.6667, leaving it with 750,000 shares issued, then issue 71.18 million shares to its target's shareholders. On closing of the acquisition, the shell will change its name to Nuuvera Holdings Ltd.
Nuuvera Corp. was formed in January and is not yet a licensed pot producer. Its wholly owned subsidiary, Avalon Pharmaceuticals Inc., is building a marijuana cultivation facility in Brampton, Ont., and expects to begin production in the second quarter of 2018. Nuuvera Corp. has a deal to buy up to 17,000 kilograms of pot in 2018 from Aphria Inc. (APH: $14.06). It also has a 51-per-cent subsidiary, ARA-Avanti Rx Analytics Inc., which owns a 22,000-square-foot lab for testing marijuana products on behalf of licensed producers. To raise money for Nuuvera Holdings, Mira IX and its target are selling a $20-million private placement at $2.50.