- Quinsam Capital (QCA) has shared some recent developments on its holdings, including new listings, financings and a loan repayment
- The company’s Agriforce investment is now sitting on its books at a near 100-per-cent gain before taxes
- Investee PMML’s recently closed financing increased the company’s holding by almost half a million dollars
- The company anticipates a Q2 write-down on its Hemp Hydrate investment, though positive moves in the portfolio more than offset the decline
- Quinsam is a merchant bank with a focus on undervalued small cap investments
- Quinsam Capital (QCA) is down by 5.26 per cent and is currently trading at $0.18 per share
Quinsam Capital (QCA) has shared some recent developments on its holdings, including new listings, financings and a loan repayment.
Agriforce Growing Systems completed its IPO and is now trading on the NASDAQ. Quinsam holds 350,000 Agriforce shares carried on its books at C$1.1 million as of March 31, 2021. The shares closed yesterday at US$5.60, increasing the value of Quinsam’s holding to almost US$2 million before taxes.
Investee PMML, which operates the Rivalry e-sports betting platform, closed its financing at US$0.58 per share and is now filing a prospectus to facilitate its listing. The US$0.58 price implies a Q2 increase of approximately US$480,000 on Quinsam’s aggregate holding versus March 31, 2021.
Another investee, Pluribus, has deferred listing until the fall to facilitate an acquisition. Pluribus is currently marketing new private financing at a 50 per cent premium to Quinsam’s cost base.
The company expects First Helium and Hempsana to commence trading the week of July 11. Hempsana recently raised additional funds at a considerable premium to Quinsam’s Q1 2021 carrying value.
Pathway Health completed its listing in June 2021 and the company has made a modest profit to date.
Green Impact was listed a few weeks ago and is marginally down. Quinsam is optimistic about this company and expects it to improve as it finds a following.
In addition, on July 9, Herbiculture fully repaid Quinsam’s loan to fund the construction of its Maryland dispensary, of which Quinsam holds a right to a free 35 per cent equity interest.
On the negative front, Quinsam anticipates a Q2 write-down on its Hemp Hydrate investment, though positive moves in the portfolio more than offset the decline.
Near-term liquidity events include INX, Xebra, Green Stripe, Above Food and Budbank/Trees.
Roger Dent, CEO of Quinsam, commented,
“We are very pleased to see Agriforce complete its listing process. Given that the marketing and closing of this offering occurred in very close proximity to the end of our second quarter, we will likely choose to carry this investment in Q2/2021 based on the US$5 unit price at which the IPO was completed.”
Quinsam is a merchant bank with a focus on undervalued small-cap investments.
Quinsam Capital (QCA) is down by 5.26 per cent and is currently trading at $0.18 per share as of 10:33 am ET.
