"sloppy" share structure Shell Summary for April 30, 2015
2015-04-30 21:15 ET - Market Summary
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by Stockwatch Business Reporter
The TSX Venture Exchange fell 1.37 points to 696 Thursday, ending the month up 15.93 points. Robert Munro and Marc Lavine's halted capital pool shell, Chrysalis Capital IX Corp. (NYN), is planning a qualifying transaction with Inspira Financial Inc. that has produced plenty of interest from investors and will produce plenty of cheap paper for sale when this deal closes.
Yesterday, Chrysalis said it planned to roll back its shares 1:1.765, which would leave it with about 6,142,210 postconsolidated shares, and then issue hundreds of millions of shares to Inspira's shareholders (over 200 of them, not one with even 10 per cent) such that the new company will have 294,690,110 shares outstanding when the deal closes. There will be an additional 183,956,844 shares that will be "reserved for issuance pursuant to convertible securities of the resulting issuer." (A word comes to mind: sloppy.) Despite Chrysalis's report of a 1:1.765 rollback, the shell has sent a proxy to shareholders asking them to approve a rollback of up to 1:20 at an upcoming meeting on May 22. They will also have to approve changing the company's name to Inspira Financial Ltd.
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