This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The TSX Venture Exchange lost 2.68 points to 752.54 Monday. Darryl Cardey's capital pool shell, Cairo Resources Inc. (QAI: $0.255), appears to have quietly considered, and then quietly abandoned, a potential qualifying transaction. In February, the shell added three directors: Greg Smith, Manolo Zuniga and Jim Taylor. Mr. Smith is an oil and gas promoter in Houston. Mr. Zuniga is a petroleum engineer, also in Houston. They are co-founders of PetroTal LLC, a private oil and gas junior with assets in Peru and Colombia. The third director who was appointed to Cairo in February, Mr. Taylor, is a geologist in Santa Fe, N.M. He is an adviser to PetroTal. Based on the three additions to its board, the shell might have been looking south of the border for an oil and gas deal, but it did not make any announcements. Then last week, Mr. Smith, Mr. Zuniga and Mr. Taylor left the shell.

Cairo Resources listed as a capital pool shell in September, 2011, with a $250,000 initial public offering at 10 cents. It was founded not by Mr. Cardey but by Ralph Biggar, a one-time shell-maker and a former broker with Georgia Pacific Securities Corp. Mr. Biggar arranged one potential QT, an Ontario mining deal, then he left his shell in November, 2012, before the mining deal could close. Mr. Biggar was succeeded by Kal Malhi, who previously worked in the drug enforcement and organized crime divisions of the Royal Canadian Mounted Police. Mr. Malhi was a Mountie for 11 years until February, 2011, when he retired. At Cairo Resources, he cancelled the mining QT arranged by his predecessor, then he lined up a deal with the developer of a sports betting app. This deal fell through, and Mr. Malhi left the shell in August, 2014. These days, Mr. Malhi keeps busy as the president of Canadian Securities Exchange-listed Cannabix Technologies Inc. (BLO: $0.61), which is working on a marijuana breathalyzer.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS