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by Stockwatch Business Reporter
The TSX Venture Exchange rose 6.77 points to 780.54 Wednesday. Gerry Goldberg has filed a preliminary prospectus to list his second capital pool shell, Victory Capital Corp. The shell is selling an initial public offering of one million to 11 million shares at 20 cents, to raise between $200,000 and $2.2-million. Its IPO agent is Gravitas Financial Inc.'s (GFI: $0.04) Gravitas Securities Inc.
Victory Capital has 1.2 million escrowed shares, which it sold at 10 cents in December, 2016. Mr. Goldberg and his three fellow shell directors hold 250,000 escrowed shares each. The remaining 200,000 shares are held by Victory's corporate secretary, Toronto lawyer Raj Dewan.
Shell-maker Mr. Goldberg, 72, is a senior partner at accounting firm Schwartz Levitsky Feldman LLP in Toronto. His first capital pool shell, Leo Acquisitions Corp. (LEQ: $0.05), is nearly six years old and has still not completed a qualifying transaction, so we consider it a failure for its IPO shareholders. (A capital pool shell should take only two years to close a QT, after which its IPO shareholders should have sufficient opportunity to get out of their investment with a profit.) Leo Acquisitions listed in February, 2011, with a $574,000 IPO at 10 cents. It has had two failed QT attempts: one with a marketing agency in Toronto and the other with a wound dressing manufacturer in London, Ont. In October, 2016, Leo rolled back 1 for 3.3, then it sold a $36,363 private placement of 727,272 postconsolidated shares at five cents. It does not have a QT in progress. Mr. Goldberg is also a director of another slow-moving capital pool shell, Yvan Routhier's suspended Capricorn Business Acquisitions Inc. (CAK), which will turn seven in March and does not have a QT in progress.
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