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by Stockwatch Business Reporter
The TSX Venture Exchange closed up a fraction to 783.76 Friday, but it ended the week down 21.20 points. Mitchell Smith's suspended capital pool shell, Sceptre Ventures Inc. (SVP), has received conditional TSX-V approval for its qualifying transaction, which is the acquisition of SmartShare Solutions Inc. Among the usual conditions is that the shell must first submit and receive approval for its QT filing statement. Sceptre is giving itself until July 25 to submit the document.
SmartShare is working on an app called Garage, which is not yet available to download unless you have a promo code. Garage is like Airbnb but for parking spaces instead of lodging. Users of Garage can list unused parking spaces that they own, and then other users can rent those spaces. Owners set the prices, and they also specify when their parking spots are available to rent (for example, weekdays before 6 p.m.). Payments are made through the app. To acquire SmartShare, Sceptre will roll back 1 for 3, leaving it with 6,936,114 issued shares, then issue 15 million shares to its target's shareholders. As well, to raise money for the resulting issuer, Sceptre must sell a $1.3-million private placement at 10 cents.
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