Sunday, August 04, 2019 8:14:23 AM
Jacqueline Boddaert's NorRock Realty Finance Corp. (RF) closed unchanged at 20 cents on 48,500 shares. NorRock became a shell in February of this year after its realty assets were taken over by Partners Real Estate Investment Trust (PAR: $8) in a deal that left NorRock with $241,000 cash, 2.9 million shares outstanding, no mortgages and no other assets. NorRock lasted four years before it was taken over. It listed under the ungainly name C.A. Bancorp Canadian Realty Finance Corp. in February, 2008, which was a poor time to begin a real estate promotion. Fortunately, just before the market collapsed in September of that year, the company completed a $27-million financing. After its assets were taken over by Partners, it distributed Partners stock to its shareholders, leaving a shell.The company shifted to the NEX in March and then signed a three-year management agreement with Ron Hrynyk's Green Tree Capital Management Corp., which will not get paid until it finds a new venture for the company.
From the LOI
This binding letter of intent (the “ Letter of Intent ”) sets out the general terms and conditions of the proposed transaction between the Company and the Target by way of a loan agreement and option agreement (collectively, with any related transactions, the “ Transaction ”) pursuant to which the Company will be entitled to acquire at least 51% control of the Target, through the acquisition of common shares in the capital of the Target and direct issuance(s) of common shares from Target (the “ Target Shares ”). Upon completion of the Transaction, the Company will use its commercially reasonable efforts to complete a transaction to list on the TSX Venture Exchange (the “ TSXV ”) or the Canadian Securities Exchange (“ CSE ”), which transaction will likely be a reverse take-over with a publicly listed shell company and considered a “Qualifying Transaction” pursuant to the policies of the TSXV or the CSE (the “ Qualifying Transaction ”).
The stock remains a shell.
And we know that Jacqueline is still working with Ron because she is part of this LOI as well.
This is huge considering this statement from the LOI
Concurrent with the completion of the Qualifying Transaction, the Company and the Target will work together to complete a private placement directly into the Company for gross proceeds of up to C$5,000,000 (the “ Concurrent Placement ”).
And the fact that the CEO has stated within the last week that not only were they working on the closing but on other financing as well that would be released in a seperate 8k.
Looks like this whole thing has been well planned and will happen much faster than we may have thought.
PCTL!!
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