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by Stockwatch Business Reporter

The TSX Venture Exchange fell 2.33 points to 575.16 Thursday. Benoit Chotard's second capital pool shell, Orletto Capital II Inc. (OLT: halted), has provided a financing update in connection with its qualifying transaction. For its QT, the shell is acquiring MiMedia Inc., a tech start-up in Brooklyn. MiMedia is now selling a $2.1-million to $5.1-million private placement at 30 cents. Although the financing terms are now available, MiMedia and Orletto Capital II have yet to release the terms of the QT itself.

MiMedia offers a cloud storage service for photos, videos, songs and other files. Users may store up to 10 gigabytes worth of files for free and then access their files on any Internet-connected device. Ten gigabytes are enough for storing about 2,500 photos, 2,000 songs or 10,000 documents. Beyond that, MiMedia charges subscription fees for greater storage space.

The cheapest subscription plan is for 500 GB at either $7.99 (U.S.) a month or $85 (U.S.) a year. This storage space is enough for about 125,000 photos, 100,000 songs or 500,000 documents. The most expensive subscription plan is for two terabytes at either $15.99 (U.S.) a month or $160 (U.S.) a year. This space is enough for about 500,000 photos, 400,000 songs or two million documents.

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