TORC uses a triangular amalgamation with Vero to effect a backdoor IPO

A private Alberta corporation (TORC) will issue ordinary and flow-through subscription receipts on a private-placement basis, then engage in a triangular amalgamation with a public Alberta company (Vero), so that its shareholders become shareholders of Vero - and the holders of the flow-through subscription receipts, viewed as a right now to acquire (flow-through) Vero shares, exercise that right.

Neal Armstrong.  Summary of Joint TORC/Vero Circular under Mergers & Acquisitions - Triangular amalgamations.