When a deal falls through - Finore Mining Inc (CSE:FIN; OTC:FNREF) announced in October 2016 that it had entered into a LOI to acquire 100% of Kushtown USA, LLC and was changing its name and its symbol to make that clear cut from its mining company roots. FIN’s share price rose from approximately $0.08 in September to $0.49 in just a few months as updates appeared to suggest that the intended acquisition was on schedule. On January 26, trading was halted and on March 14 FIN announced that the deal had fallen through due to “irreconcilable differences”. When trading resumed on March 15, the share price fell dramatically. A good reminder that until the deal is done that there is no deal. In November, CANNAINVESTOR Magazine Subscribers were made aware that it was only a Letter of Intent and that was well before the shares of FIN were halted. Perhaps FIN, during its due diligence, realized the acquisition would not be in the best interest of its shareholders and if so that may speak volumes about excellent stewardship. The company now has substantial cash and has signalled it is looking into other opportunities to “increase shareholder value”. FINORE Retail Investors who embraced Ecoforming (in this case, to trade the stock over a short time period) may have purchased shares of FIN for as low as $0.11 on March 15th and sold for as high as $0.17 the next day for a gain of more than 54% - Ecoforming and viewing the industry as a vibrant ecosystem is the CANNAINVESTOR advantage.
Louis Kyron, CPA, CGA
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