Primary Petroleum Corp.
, Stock Forum
), soared by 138.89% to 21.5 cents Thursday as trading resumed following the announcement of more details of a proposed amalgamation with video sharing service Keek Inc.
The amalgamation constitutes a reverse takeover and a change of business for Primary, which plans to carry on business as Keek.
Founded in 2010, Toronto-based Keek is a global interactive video content network, with over 60 million users worldwide.
Keek’s interactive video content network is distinguished by its simplicity: videos are limited to 36 seconds and 111 characters of accompanying text.
Such constraints make it easy for anybody to instantly create, distribute, discover and react to content across the web and mobile devices.
Since launching its product in 2011, Keek's community has grown to include celebrities, brands, athletes, journalists, sports teams and media outlets.
Its users currently create approximately 60,000 keeks (ie. short videos) and 600,000 interactions every day.
However, needing additional funding, the company arranged a merger with Primary Petroleu, a shell company with over $15 million in cash and headed by Mike Marradino. He is expected to become Keek's new CEO.
Primary Petroleum's stock price move is also featured in today's Stockhouse Micro-cap stock report.
Subject to regulatory approval, Keek shareholders will wind up with 54% of Primary's outstanding shares.