RE:RE:RE:RE:RE:Valiant may be coming back to life as a health care vehicle
A more current release is FAR MORE illuminating: The TSX Venture Exchange added 5.52 points to 687.12 Tuesday. Laurie Sadler's halted capital pool shell, Valiant Minerals Ltd. (VTM), will ask shareholders at a Feb. 10 meeting to approve its plan to roll back its shares 1:2 and acquire Michael Dalsin and Roger Greene's Convalo Health International Corp. as its qualifying transaction. The shell initially scheduled a meeting for Nov. 28, then Dec. 22, but it cancelled both. Last May, the target acquired the BLVD Treatment Center, a rehab clinic in Hollywood that offers the usual 12-step recovery program plus meditation, yoga and other extra services. In mid-October, Convalo reported that to date the clinic had earned $6,000 on revenue of $600,000. Convalo plans to acquire more rehab clinics soon after closing the QT. Following the rollback, which will leave the shell with 5.9 million shares outstanding, Valiant will issue 71,089,550 postconsolidated shares to the shareholders of Convalo. The shell also recently completed a $2.9-million private placement by selling 58.14 million subscription receipts at five cents a receipt. Those receipts, like Valiant's shares, will roll back 1:2 and convert into 29.07 million Convalo shares. When Convalo finally goes public it will have a rather heavy 106 million shares outstanding. One noteworthy subscriber to Valiant's recently completed private placement was Maureen MacNeill, a former legal secretary turned investor who acquired two million receipts for $100,000. Ms. MacNeill has been part of the Howe Street investment scene for many years. In the good old days, she even owned a racehorse with stock promoter Jerome Rak. Another Valiant subscriber was MMCAP International Inc. SSP, a Grand Cayman Island hedge fund run by Hillel Meltz and Matt MacIsaac that acquired a total of 4.47 million receipts for $223,500. As well, a Toronto shell packager, Robert Munro, bought 300,000 receipts for $15,000.