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by Stockwatch Business Reporter
The TSX Venture Exchange fell 13.04 points to 783.63 Monday. Norman Tsui's capital pool shell,Westshire Capital II Corp., has completed its qualifying transaction by launching Kirk Shaw's film and television production company, The Wonderfilm Media Corp. (WNDR: $0.50). Wonderfilm has yet to trade. In connection with the QT, the shell rolled back 1 for 4, leaving it with 1,167,250 issued shares, then it issued 8,920,975 shares to its target's shareholders. As well, the shell and its target each sold a $500,000 private placement at 50 cents. There were 18 investors in the shell's financing. Their names are kept secret by the B.C. Securities Commission (to the delight of brokers and the detriment of investors). There were 10 similarly secret investors in Wonderfilm's financing. No insiders participated in either private placement.
Wonderfilm has offices in Vancouver and Los Angeles. It mostly produces and distributes made-for-TV movies, and it will use the financing proceeds for its movie production business. In the fiscal year ended June 30, 2017, Wonderfilm lost a not-so-wonderful $26,039 on revenue of $780,000. That same year, Mr. Shaw received a salary of $780,000 as chief executive officer and chief financial officer. Now, he continues as the CEO and a director of the public Wonderfilm.
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