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by Stockwatch Business Reporter

The TSX Venture Exchange added 1.16 points to close at 533.74 Wednesday. Scott Tannas's capital pool shell, The Western Investment Company of Canada Ltd. (WI: $0.50), listed on the TSX-V today. It did not trade. It sold a $4.5-million initial public offering of nine million shares at 50 cents through Richardson GMP Ltd. The shell also has another two million escrowed shares, which it sold at 25 cents in October and November, 2015.

Western Investment is Mr. Tannas's second capital pool shell, and investors may be hoping it sees at least a flavour of the success he had with his first. That shell, Hi-Alta Capital Inc., launched an Alberta-based insurance company in 1996. Eventually the insurance company expanded into the lending business and became Western Financial Group Inc. In 2011, Western Financial was acquired by Desjardins Financial Group for $443-million in shares. The stock, which traded around $1 when it listed, was at $4.14 by the time of the takeover. Currently, Mr. Tannas is the vice-chairman of Desjardins's Western Financial subsidiary. As well, he has been a senator for Alberta since 2013.

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